Markets Trade in Green Backed by Gains in IT Stocks

The Global Markets trade in a positive territory this morning. U.S. stocks rose, as benchmark indexes rebounded from the worst declines in a month, after housing starts increased and earnings beat estimates at companies from Johnson & Johnson to Steel Dynamics Inc. European stocks rose, rebounding from the biggest drop in a month, as results from LVMH Moet Hennessy Louis Vuitton SA to SKF AB and Novartis AG beat analyst’s estimates. This morning Asian stocks rose, with the regional index set for its biggest advance this month, as U.S. housing starts gained and earnings beat estimates at companies including Johnson & Johnson, signaling the world’s biggest economy is recovering. In commodities, Oil, platinum and gold may rally as the global economy withstands the headwinds of higher interest rates, Europe’s sovereign-debt turmoil and Japans nuclear crisis, according to Threadneedle Asset Management Ltd. Gold may gain, extending its rally to record as the dollar weakened on the worsening debt crisis in the U.S. and Europe, prompting investors to seek precious metals as a store of value. Copper in London gained for a second day after Freeport-McMoRan Copper & Gold Inc. said it suspended operations at an Indonesian mine, potentially exacerbating an expected shortfall this year. Markets continued to trade higher after making a gap up opening led by gains across Asian markets and better than expected results posted by HCL Technologies. The Nifty surged 57 points, at 5797 and the Sensex was up 188 points, at 19,310. Also strong monsoon forecast by IMD (Indian Meteorological Department) may increase farm output and help fight inflation also improved investor sentiment. Market breadth was positive 1505 stocks advanced for 474 stocks which declined.