Markets Trade on a Muted Note

The Global Markets trade in a mixed territory this morning. U.S. stocks fell this week, sending the Standard & Poor’s 500 Index to the biggest drop since March, as the largest commodities slump in two years drove down energy and raw-materials producers as well as Caterpillar Inc. European stocks retreated for the first week in three as energy and mining companies tumbled with commodities, overshadowing a bigger-than-forecast increase in U.S. payrolls. This morning Asian stocks swung between gains and losses after stronger-than-forecast U.S. jobs growth bolstered confidence in the world’s largest economy, while Japanese power companies fell. In commodities, Oil gained in New York, rebounding from the biggest weekly decline since 2008, as signs of an improving economy in the U.S. stoked speculation last weeks slump was exaggerated. Gold may extend gains for a second day on speculation that investors will return to commodity markets as concerns over the global economic recovery eased and the dollar weakened versus major currencies. Silver advanced. Copper rebounded from a five-month low after stronger-than-forecast U.S. jobs growth boosted confidence in the demand outlook in the world’s second-largest user of the metal. Zinc and lead also climbed. The markets have slipped a wee bit, with rate sensitives' like some banks and auto stocks seeing some selling pressure. The Sensex, which touched a high of 18,643 in opening trades, has now declined 95 points at 18,423.  The NSE Nifty has dropped 35 points at 5,516. The midcap and the small cap indices were up 0.3% each. Market breadth was positive, 927 stocks advanced for 802 stocks which declined.