Markets Trade on a Flat Note

The Global Markets trade in a negative territory this morning. U.S. stocks fell, with commodity producers driving a third straight loss for the Standard & Poor’s 500 Index, as lower-than-estimated reports on service industries and job growth damped optimism in the economy. European stocks slid for a second day as companies from Holcim Ltd. to Vestas Wind Systems A/S reported earnings that missed estimates and a report showed U.S. service industries expanded at the slowest pace in eight months. This morning Asian stocks declined, dragging a regional benchmark index lower for a third day, as reports that showed lower-than-forecast growth in U.S. service industries and employment sparked concern the recovery in the world’s biggest economy is faltering. In commodities, Oil declined a fourth day in New York, the longest losing streak in almost eight weeks, as rising U.S. supplies and slowing economic growth stoked speculation fuel demand may weaken in the world’s biggest crude consumer. Gold remains undaunted by silver’s 18 percent slump this week and is targeting $1,800 an ounce in the first quarter of next year, Barclays Capital’s technical analyst Lynnden Branigan said, citing trading patterns. Copper and lead in London slumped to their lowest prices in more than seven weeks on concern that policy tightening in China may curb demand in the largest user. After opening flat, the Sensex attempted a northward journey but was halted at 18,569, up 85 points from the opening due to the selling pressure witnessed in the Realty and FMCG counters. Hence, the Sensex slipped erasing all the morning gains only to recover later. Currently the BSE benchmark index is up 27 points at 18,496 while the Nifty is flat at 5,537. The market breadth was positive. Of the total 1425  stocks traded on the BSE, 911  stocks ahve advanced while 461 declined.