Markets Trade on a Positive 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. This morning Asian stocks rose, driving the regional benchmark index to the highest level since last month’s Japanese earthquake, after U.S. jobs grew faster than forecast and China launched its biggest minerals takeover bid. European stocks rose to a three-week high as the U.S. economy added more jobs than forecast and banks rallied after Ireland said it wont force losses on senior bondholders following stress tests on its lenders. In commodities, Gold, trading little changed in Asia, may advance as investors buy the precious metal to shield their wealth from geopolitical risks and rising inflation. Oil climbed for a third day in New York, trading at a 30-month high, as signs of economic recovery in the U.S. boosted speculation fuel demand will rise in the worlds largest crude user. Copper’s worst start in a decade may extend into this quarter as stockpiles expand, Chinese imports plunge and Japan reels from its nuclear disaster, before rebounding to a record when shortages take hold. Markets pared marginal gains in the morning session following a firm opening due to weakness in oil & gas shares. The Nifty was up 20 points, at 5847 and the Sensex gained 71 points, at 19,491. The BSE benchmark index had touched a high of 19,566. BSE IT shares were leading the gains; the index was up 1.6%. Wipro advanced 1.9%, Infosys gained 1.8% and Mphasis was up 1.7%. BSE Oil & Gas index was a laggard in trade. Oil Marketing Companies were leading the losses after Brent crude surged to $119/bbl. BPCL fell 0.8%, Indian Oil Corporation fell 0.7% and HPCL was off 0.2%. The broader markets were trading firm, the midcap and small cap indices were up 0.4% and 0.7% each. Top gainers on the Sensex were Hero Honda, up 1.8%, Infosys advanced 1.7% and State Bank of India gained 1.1%. The top losers were Reliance Infrastructure, down 1.1%, Maruti Suzuki declined 1% and Hindustan Unilever fell 0.8%. Market breadth was positive, 1390 stocks advanced for 412 stocks which declined.