Markets Trade in Green

The Global Markets emanate positive vibes this morning. U.S. stocks advanced, trimming the biggest monthly drop since August for the Standard & Poors 500 Index, amid speculation about additional aid for Greece. European stocks climbed after the euro rallied to a three-week high as investors speculated that European officials will sanction additional financial assistance for Greece. This morning Asian stocks swung between gains and losses as exporters dropped after data on U.S. consumer confidence and home prices added to signs the recovery in the worlds biggest economy is faltering. Raw material producers gained as oil and metal futures rose. In commodities, Oil gained for a third day in New York as signals that the European Union will approve aid for Greece without forcing a debt default stoked speculation fuel demand will increase. Gold declined, extending a monthly drop in May, as investor concern eased that Greece may become the first euro country to default, paring demand for the precious metal as a haven. Silver also dropped. Copper in London may advance for a third day as signs of improving demand in China, including lower stockpiles, offset concerns about a slowdown in the pace of the nation’s manufacturing growth. Aluminum, lead and nickel dropped. Markets extended morning gains bouyed by power and PSU shares. The S&P CNX Nifty was up 15 points, at 5,575 and the Benchmark Sensex advanced 60 points, at 18,564. While markets have gained in the past two sessions, most of the brokerages continue to remain underweight on the Indian markets. Power shares were leading the gains, the BSE Power Index was up 0.8%. JSW Energy surged 4.3%, NTPC advanced 2.3% and Siemens was up 1.6%. Broader markets were trading in the green. The midcap and small cap indices were up 0.6% and 0.9%. Market breadth was positive, 1412 stocks advanced for 560 declining stocks.