Markets Trade on a Flat Note This Morning

The Global Markets trade in a negative territory this morning. U.S. stocks retreated, sending benchmark indexes to one-month lows, as a reduced sales forecast at Hewlett-Packard Co. and an unexpected decline in housing starts damped optimism about the economic recovery. European stocks retreated for a fourth day for its longest losing streak in two months as a report showed an unexpected drop in U.S. housing starts. This morning Asian stocks rose amid takeover speculation in Australia’s media industry, and after Tokyo Electric Power Co. presented a detailed plan for stabilizing a stricken nuclear-power plant. In commodities, Oil rose from a three-month low in New York after an industry-funded report showed U.S. gasoline stockpiles dropped and crude inventories at Cushing declined the most since June in the worlds biggest consumer of the fuel. Gold advanced, snapping a three-day decline, as signs of a slowdown in the global economy and financial turmoil in Europe bolster demand for precious metals as a store of value. Copper rebounded, joining a rally in other commodities including crude oil, as recent losses lured buyers. Markets opened marginally higher tracking firm Asian cues, but immediately turned negative, few minutes after opening as investors turned jittery over earnings growth concerns as State Bank of India posted losses for the second consecutive day after 99% slump in Q4 earnings. The Nifty was down 10 points, at 5,428 and the Sensex declined 37 points, at 18,100. BSE FMCG index was the top gainer on expectations that good monsoon will boost the consumption driven sectors. Broader markets were trading flat. Market breadth was negative, 801 stocks declined for 720 stocks which advanced.