Markets Trade in Red

The Global Markets trade in a mixed territory with a positive bias. U.S. stocks rallied this week, sending the Standard & Poor’s 500 Index to the highest level since June 2008, as earnings grew more than forecast and the Federal Reserve renewed its pledge to stimulate the economy. European stocks posted a second weekly gain, with the Stoxx Europe 600 Index completing the biggest monthly increase this year, as companies from Ericsson AB to Volkswagen AG reported better-than-estimated earnings. This morning Asian stocks rose, driving the regional benchmark index to the highest level in almost four months, after U.S. companies reported earnings that topped analysts’ estimates, easing concerns that global economic growth may slow. In commodities, Oil dropped from the highest since September 2008 in New York on signs Chinas economic growth may moderate, tempering fuel demand in the world’s second biggest crude-consuming nation. Central banks that were net sellers of gold a decade ago are buying the precious metal to reduce their reliance on the dollar as a reserve currency, signaling demand that may extend a record rally in prices. Cotton jumped by the exchange limit on renewed concern that dry weather in U.S., the world’s biggest exporter, may crimp output and as a weaker dollar boosted demand for commodities. The Indian markets taking cues from its Asian Peers opened in green this morning, but, dragged into the negative territory as the day progressed. The Sensex trades at 19080 down by 55 points and the Nifty trades at 5727 down by 22 points. With the monetary policy of RBI is due tomorrow the markets trade with some caution.