Markets Trade on a Steady Note

The Global Markets trade in a positive territory. U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a second day, after corporate profit topped analysts’ estimates and a government report showed a decline in jobless claims. European stocks advanced as carmakers and retailers rallied and Portugal’s Prime Minister Jose Socrates resigned, bringing the country closer to getting a bailout from the European Union. This morning Asian stocks rose, set for the biggest weekly gain since November, as construction firms gained on optimism demand will grow as Japan rebuilds after its worst earthquake, and amid signs the U.S. economy is strengthening. In commodities, Oil traded near a two-day low in New York as signs of weakening demand in the U.S. and Europe overshadowed concerns that the conflict in Libya and unrest in the Middle East threaten crude supplies. Gold may climb to a record for a second day as violence in Libya, a debt crisis in Europe and the aftermath of Japan’s earthquake spurred demand for the precious metal as a store of value. Silver traded near a 31-year high. Copper fluctuated in New York as investors weighed an unexpected drop in U.S. durable-goods orders against surging demand to draw metal from stockpiles. After a strong opening the markets continued the up move on back of strong global cues and some fresh buying visible in the technology space. Today, the markets are up for the fourth straight trading day, with the Sensex up 176 points at 18,527 and the Nifty having advanced 50 points to 5572. Frontline IT stocks led the rally on the Sensex, Infosys was the top gainer, the stock has gained 2.6% in trades and was at Rs 3083, Wipro added 2% to Rs 448, TCS was higher by 1.7% to Rs 1111. Larsen & Toubro, DLF, NTPC, Tata Motors, Hindalco, ICICI Bank, Hindustan Unilever, Mahindra & Mahindra and BHEL were also trading higher by around 1% each. Meanwhile Reliance Infrastructure, Cipla, Reliance Communication, Jindal Steel and Tata Power were among the losers. The broader markets were also trading on a strong note, the BSE small-cap index added 50 points or 0.76% to 6706 and the Smal-cap index was at 7989 higher by 68 points.