Markets Trade in Green

The Global Markets trade in a positive territory this morning. U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a second straight day, as a government report showing a bigger-than-forecast drop in jobless claims bolstered optimism about the economic recovery. European stocks rose for a second day as industrial stocks led gains on the benchmark Stoxx Europe 600 Index after the U.S. Federal Reserve signaled that interest rates will remain low. This morning Asian stocks advanced, paring the regional benchmark index’s third consecutive weekly decline, as exporters gained after reports showed U.S. jobless claims fell even as manufacturing growth slowed. In commodities, Oil rose in New York, trimming its second weekly decline in three, as investors speculated yesterday’s slump was exaggerated amid signs U.S. fuel demand may be supported in the world’s biggest crude-consuming nation. Gold may advance as financial turbulence in Europe deepened and the dollar weakened, spurring demand for precious metals as a store of value. Copper climbed in London, heading for its first weekly gain in four weeks, as some investors bought the metal amid optimism that demand will improve. Zinc and nickel gained. The markets opened on a positive note and gained as the day progressed. The Sensex is up by 187 points at 18,329 and the Nifty gained 51 points at at 5,479. In the broader markets, the midcaps opened higher by 0.6% and the smallcap index gained 0.4%. However, the broader markets are underperforming when compared to the BSE benchmark index which is up 0.9%. All the sectoral indices opened in the green for the day. Capital Goods and Bankex indices are leading the opening gains closely followed by Auto and Power. On the other hand, IT and FMCG, the movers on the previous day are the laggards in starting trades.The movers in the Capital goods space are L&T up 4%, Alstom Projects,Crompton Greaves and Havells India gaining between 1.5% -2%. The market breadth is very positive. Of the total 1744  syocks traded on the BSE, 1101 stocks have advanced while 559 declined.