Markets Pare Early Morning Gains To Trade on a Flat Note

The Global Markets trade in a positive territory. U.S. stocks rose, giving the Standard & Poor’s 500 Index its biggest weekly rally in almost two months, following corporate takeovers and higher-than-estimated profit forecasts as well as easing concern that Japan’s nuclear crisis will curb global economic growth. European stocks rose for a third day, extending the Stoxx Europe 600 Index’s biggest weekly gain since September, as American technology companies posted better-than-estimated earnings and U.S. growth was revised higher. This morning Asian stocks fell, dragging down the benchmark regional index for the first time in three days, as radiation hampered efforts to cool crippled nuclear reactors in Japan, and as company earnings missed analyst estimates. In commodities, Oil traded below $106 a barrel in New York after failing to breach technical resistance at its 30-month high, while concerns that European nations debt may cut demand overshadowed turmoil in Libya and the Middle East. Gold may drop as signs that the U.S. economy is improving curb the metal’s appeal as an alternative investment and as some investors deem last week’s rally to a record to be overdone. Silver, platinum and palladium fell. Copper dropped for a third day on concern that radiation from the stricken Japanese nuclear plant may be worsening, hurting the economy and slowing demand. Continuing with the positive momentum, the markets have rallied this morning with FMCG and auto shares leading the gainers chart. The Sensex after a soft start, owing to weak Asian cues, has now regained strength. The BSE benchmark index has rallied to a high of 18,967, and has now pared some gains to trade with a gain of 46 points at 18,861. The BSE Capital Goods index and Bankex have surged around 1.5% each to 13,209 and 13,106, respectively. The FMCG and Auto indexes are also up over 1% each.