Markets This Morning Trade in Red on a Flat Note

The Global Markets emanate negative vibes this morning. U.S. stocks fell a fifth day, the longest slump for the Standard & Poor’s 500 Index in almost a year, as Federal Reserve Chairman Ben S. Bernanke gave no hint of a new round of economic stimulus even as the recovery slows. Most European stocks declined, with the benchmark Stoxx Europe 600 Index trading near a 10-week low, as losses in retail shares offset gains in utility companies. This morning Asian stocks dropped, dragging the regional benchmark index to its lowest level in two weeks, as Federal Reserve Chairman Ben S. Bernanke gave no hint of a new round of economic stimulus even as the recovery slows. In commodities, OPEC is poised to increase its target for oil production amid concern that $100 crude may stifle the global economic recovery and reduce fuel consumption. Gold futures fell from a five-week high as European debt concerns eased, eroding the appeal of the precious metal as a haven. Copper, aluminum and lead in London dropped for the first time in four days, as concern about an economic slowdown grew after Federal Reserve Chairman Ben S. Bernanke didn’t signal fresh stimulus even as the recovery slows. Markets opened lower tracking weak Asian peers after US Federal Reserve Chairman Ben Bernanke's statement that US economy was growing very slowly. The S&P CNX Nifty was down 17 points, at 5538 and the Sensex declined 52 points, at 18,443. BSE Oil & Gas shares were weak in the morning session; the BSE Oil & Gas index was down 0.6% dragged by ONGC and Reliance Industries. Among the sectoral pack, BSE PSU shares were leading the gains, up 0.4%. Hindustan Copper advanced 4%, STC gained 2.7% and NMDC was up 2.1%. In the broader markets midcap and small cap indices were off 0.3% each. Market breadth was positive, 998 stocks advanced for 640 stocks which declined.