Markets Trade on a Firm Note

The Global Markets trade in a positive territory. U.S. stocks rallied, sending the Standard & Poor’s 500 Index higher for a third day, as concern eased that Japan will suffer a nuclear meltdown and after AT&T Inc. agreed to buy T-Mobile USA for $39 billion. European stocks rose, sending the Stoxx Europe 600 Index to the biggest three day gain since July, as Japan’s atomic crisis eased and U.S. officials said its allies are in full control of Libya’s airspace following two days of airstrikes. This morning Asian stocks rose for a third day as Japan made progress in stabilizing reactors at a crippled nuclear plant north of Tokyo. In commodities, Oil rose for a second day in New York as Allied airstrikes in Libya threatened to prolong a supply disruption from Africa’s third-largest crude producer and as protests intensified in Yemen. Gold gained for a fifth day as prolonged unrest in Libya and the Middle East, and lingering concern over the impact of Japan’s nuclear crisis, combined to fuel demand for the metal as a store of value. Copper dropped for a second day in Shanghai as the near-term demand outlook dimmed following lower imports and a move to further tighten liquidity in the world’s largest metals user. After opening higher, the markets continued the positive run. The Sensex was at 18,004 higher by 165 points and the Nifty added 48 points to 5413. All the sectoral indices were trading higher, the PSU index was the top sectoral gainer, up 1% or 93 points to 8567, Auto index jumped 87 points to 8549. Healthcare, realty, metal, consumer durables and capital goods stocks also witnessed some buying. The broader markets outperformed the benchmark indices. The BSE mid-cap index jumped by 1% to 6554 and the small-cap index added 57 points to 7832. The overall market breadth was positive as 1389 stocks advanced while 696 stocks declined.