Markets Trade on a Positive Note

The Global Markets trade in a positive territory. U.S. stocks rose, paring yesterday’s drop, as higher metal prices lifted commodity producers and Wells Fargo & Co. said government data showing a record low pace in new-home sales will likely be revised higher. European stocks rose for the fourth time in five days as mining companies climbed with metal prices, outweighing an unexpected drop in U.S. new-home sales and speculation that Portugal’s budget vote may trigger a bailout. This morning Asian stocks rose for a third day this week as commodity prices climbed and some Japanese manufacturers said they would restart work at factories shut by the March 11 earthquake and tsunami. In commodities, Oil fell from the highest in more than two years in New York as a larger increase in U.S. crude inventories than analysts predicted overshadowed threats to supplies from the conflict in Libya and the Middle East. Gold may advance, approaching a record, as concerns over the debt crisis in Europe and unrest in Libya and the Middle East fueled demand for precious metals as a store of value. Silver reached a 31-year peak. Copper in London declined for the first time in three days, after reaching the highest level in more than two weeks, as sales of new homes in the U.S., the world’s second-largest consumer, dropped to the slowest pace on record. Futures gained for a second day in Shanghai. After opening higher, the markets continued to trade on a firm note, the Sensex has gained 115 points at 18,321 and the Nifty added 32 points to 5512. Hindalco was the top gainer on the Sensex, the stock gained 2.5% to Rs 201, BHEL, ICICI Bank, TCS, Tata Motors, Sterlite Industries, DLF, Mahindra & Mahindra and Hero Honda were also trading higher by around 1% each. On the other hand Hindustan Unilever, Reliance Infrastructure and Infosys were notable losers. All the sectoral indices were trading in the green. The BSE Realty index was the top sectoral gainer, the index jumped 2.2% to 2166, Capital Goods index added 139 points to 12,715. Banking stocks continued to witness the buying consecutively for the second day, the BSE banking index- Bankex surged 1% or 162 points to 12,594, Metal index added 142 points to 15,669. Capital Goods, Auto, Power, PSU and Healthcare indices added 0.3-0.9% each. The overall market breadth remained positive as 1431 stocks advanced while 690 stocks declined.