Markets Trade on a Positive Note

The Global Markets emanate mixed vibes this morning. U.S market closed on Monday. European stocks were little changed after four straight weeks of losses for the benchmark Stoxx Europe 600 Index, as chemical makers and renewable-energy companies gained while banks fell amid sovereign-debt concern. This morning Asian stocks rose, with the regional benchmark index paring the biggest monthly decline in a year, amid speculation European officials will sanction more assistance for Greece. Oil headed for its first monthly decline since August in New York as Europe’s continuing debt crisis stoked speculation that fuel demand may falter as the economy slows. Silver futures and gold advanced, trimming their monthly declines, as the dollar weakened and as concern about the European debt crisis and inflation spurred demand for precious metals as a store of value. Copper in London declined, set for its third monthly drop, on concern global economic growth may slow, damping demand for industrial metals. Markets edged higher in opening trades tracking positive cues from Asia and gains in banking shares. The S&P CNX Nifty was up by 54 points, at 5527 and the Sensex advanced 165 points, at 18,397. Among individual stocks Reliance Communication and ONGC declined after they reported a sharp drop in quarterly profit. From the broader markets, the midcap and the small cap indices were up 0.6% each.  Market breadth was positive, 1020 stocks advanced for 420 stocks which declined.