Markets Trade on a Flat Note

The Global Markets trade in a positive territory this morning. U.S. stocks rose for a third day as higher than-estimated profit forecasts and Microsoft Corp.’s purchase of Skype Technologies SA bolstered optimism that earnings and takeovers will keep fueling the rally. European stocks climbed as InterContinental Hotels Group Plc and Deutsche Post AG posted increased earnings, helping to reassure investors that the global economic recovery remains intact. This morning, Asian stocks rose, with a regional benchmark index climbing for a third straight day, as oil and metal prices advanced. Japanese exporters rallied after the yen weakened. In commodities, Oil advanced for a third day in New York on concern flooding of the Mississippi River and a drop in U.S. gasoline stockpiles will restrict fuel supplies before the start of the driving season in the world’s biggest crude- consuming nation. Gold and silver extended their advance as the resurgence of Europe’s sovereign debt crisis drove up demand for precious metals as haven investments. Copper in London and Shanghai declined, reversing earlier gains, after China reported that consumer prices increased 5.3 percent in April, faster than a forecast 5.2 percent. Markets continued to trade flat as investors remained on the sidelines ahead of election results on Friday. IT and Realty shares were leading the gains, while oil & gas shares weighed. The S&P CNX Nifty was up 2 points, at 5543 and the Sensex was up 2 points, at 18,514. The midcap and small cap shares were marginally up, 0.4% each. Market breadth was positive, 1011 stocks advanced for 630 stocks which declined.