Markets Trade on a Flat Note

The Global Markets emanate negative vibes this morning. U.S. stocks fell for a fourth day amid concern economic growth is slowing and the Federal Reserve will boost capital requirements for the nation’s largest banks. European stocks retreated for a fourth straight day, pulling the benchmark Stoxx Europe 600 Index to a 10-week low, amid growing concern the global economy is weakening. This morning Asian stocks dropped for a fourth day, after oil and copper futures fell amid concern global economic growth will slow and as the yen advanced, hurting the earnings outlook for Japanese exporters. In commodities, Oil dropped for a third day in New York amid speculation OPEC may increase output quotas when it meets in Vienna tomorrow. Gold may advance for a third day as speculation that Greece’s sovereign-debt crisis may be worsening and signs that the U.S. economy is slowing boosted demand for the precious metal as a haven investment. Copper declined for the first time in three days, joining a drop in global equities and other commodities including oil, on speculation slowing economic growth may trim metals demand. Markets opened lower tracking subdued global cues and weakness in auto shares. The Nifty slipped 20 points, at 5513 and the Sensex declined 60 points, at 18,362. But it regained its grounds to trade in green on a flat note. BSE Auto shares were leading the losses down 0.5%. Maruti Suzuki dipped 1.4% after workers went on a strike in Haryana disrupting production. Hero Honda declined 1% and Tata Motors was down 0.7%.  Market breadth was positive, 627 stocks advanced for 449 stocks which declined.