Markets Trade on a Muted Note

The Global Markets trade in a mixed territory this morning. U.S. stocks fell this week, preventing the third straight gain for the Standard & Poor’s 500 Index, as crude oils rally to a 30-month high spurred concern that the global economy will slow. European stocks rose for the third straight week as banks rallied after Portugal requested a bailout and the European Central Bank increased interest rates for the first time in almost three years. This morning Asian stocks rose, driven by energy producers, as crude oil futures gained for a fourth day and on speculation BHP Billiton Ltd. will bid for Woodside Petroleum Ltd. In commodities, Oil fell in New York, snapping three days of gains, on reports Libyan leader Muammar Qaddafi has accepted a cease-fire with rebels, easing concerns about further unrest disrupting supplies from the country. Gold climbed to a record and silver topped $41 an ounce, gaining for a ninth straight day in the best run since March 2008, as investors sought precious metals as hedges against accelerating inflation. Copper advanced for a fifth day to the highest level in more than five weeks after China’s imports rebounded last month, fueling optimism that demand is robust in the world’s largest metals user. Tin jumped to a record. Markets slip into the red in opening trades on back of weak global cues and higher crude prices. The Nifty dropped 26 points, at 5816 and the Sensex was off 82 points, at 19367. Among the sectoral pack, interest rate sensitive shares were leading the losses. BSE Realty and Auto indices were the top sectoral losers, down over 1% each. Broader markets were trading lower, the midcap and the small cap indices were down 0.3% and 0.1%n each. Market breadth was negative, 542 stocks declined for 689 stocks which advanced.