Markets Trade in Green This Morning

The Global Markets trade in a mixed territory this morning. U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a second straight day, as commodity prices rebounded from the biggest weekly drop since 2008 and McDonald’s Corp. rallied after sales topped estimates. European stocks retreated after officials agreed to review the terms of Greece’s bailout and Standard & Poor’s downgraded the nation’s credit rating, reigniting concern about the sovereign-debt crisis. This morning most Asian stock fell after Greece’s credit rating was cut two levels by Standard & Poor’s, pushing the yen higher amid concern that Europe’s debt crisis may hurt a global economic recovery. In commodities, Crude Oil declined, slipping from a three-day high, as investors sold contracts to profit from yesterdays price surge, the biggest since February. Silver futures climbed, extending their rebound from the worst weekly drop since at least 1975, after Standard & Poor’s cut Greece’s credit ratings by two levels to B, reigniting haven demand. Copper in London declined on expectations Chinese imports dropped last month as higher international prices discouraged buying. Markets opened flat  tracking lacklustre cues in the global markets as commodity prices firmed up renewing concerns of inflation and further rate hike.  Later, markets moved higher led by gains in FMCG shares such as Hindustan Unilever and ITC. The Sensex was up 124 points, at 18,653 and Nifty gained 32 points, at 5583. Broader markets were trading flat. Market breadth was marginally positive, 517 stocks advanced for 498 declining stocks.