Markets Trade in Green

The Global Markets trade in a mixed territory. U.S. stocks slid, erasing last week’s advance, as escalating violence in Libya sent oil higher and chipmakers tumbled after Wells Fargo & Co. reduced its recommendation on the industry. Most European stocks declined as oil climbed above $105 a barrel amid escalating violence in Libya, while takeover activity boosted Bulgari SpA and Tognum AG. This morning Asian stocks fluctuated as acquisitions boosted Hitachi Ltd. and Terumo Corp., while chip- related companies fell after Wells Fargo reduced its rating on the semiconductor industry. In commodities, Oil fell for the first time in three days after a report that Libya’s Muammar Qaddafi offered to relinquish power prompted speculation fighting may ease in Africa’s third-biggest producer. Gold traded near a record as escalating turmoil in Libya, coupled with concern that inflation is rising, bolstered demand for the metal as a store of value. Copper fell the most in four months as surging oil prices stoked concern that economies will slow, curbing demand for industrial metals. Markets traded in the green, albeit of the morning highs on Asian cues and gains in the metal and realty space. Easing domestic political tension also helped to buoy the markets. The Sensex touched a high of 18,455 after opening at 18,277. The index thereafter pared some gains and was trading at 18,388 gaining 165 points. The Nifty gained 41 points at 5,504. BSE metal index gained 1.2% to 15,787. Bhushan Steel in the metal space shone with gains of 3% at Rs 414. Hindustan Zinc, Tata Steel, Nalco and JSW Steel were up on hopesof a possible price rise. Sesa Goa, Jindal Steel and Sterite jumped over 1% each. DMK on Monday put on hold the resignation of its six ministers from the UPA government in a dramatic new turn with the party and Congress engaged in hectic negotiations to sort out their seat-sharing problems in Tamil Nadu. The final decision would be taken later today.