Markets Trade on a Positive Note

The Global Markets trade in a positive territory this morning. U.S. stocks rose, trimming a second straight weekly drop for the Standard & Poor’s 500 Index, as higher-than-estimated data on consumer confidence and manufacturing bolstered optimism about the economy. European stocks fell for the first week in four as Alcoa Inc. and Google Inc. kicked off the U.S. earnings season with weaker-than-estimated results and Japan raised the severity rating of its nuclear crisis. This morning Asian stocks swung between gains and losses after China raised the reserve requirements for the country’s banks to tame inflation, fueling concern more tightening measures will curb economic growth. AIA Group Ltd. advanced in Hong Kong. In commodities, Oil declined for the first time in four days in New York after Saudi Arabia, the world’s biggest exporter, said the global market has adequate crude supplies. Gold advanced to a record for a third day as mounting inflation across the globe and Europe’s sovereign-debt crisis prompted investors to seek a store of value. Silver climbed to the highest price in 31 years. Copper in London declined 0.5 percent to $9,360 a metric ton, falling for the sixth straight day, before trading at $9,370 at 8:05 a.m. in Shanghai. After touching the day's highs, the markets were trading in a range-bound fashion. The Sensex, which peaked at 19,649 at about 1030 hrs, was trading at 19,574 up 187 points, while the Nifty was at 5,872 up 48 points. The broader markets performed smartly, with the Mid-cap index at 7,277 up 1% and the Small-cap index at 8,935 up more than 1%. Auto stocks sustained their momentum, as the index added 2% at 9,638, followed by the Oil & Gas index at 10,209 and the Consumer Durables index at 6,488 both up nearly 2%.