Markets Trade on a Flat Note

The Global Markets emanate mixed vibes this morning. U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a fourth straight day, as concern about Greece’s debt crisis eased. European stocks climbed the most in two months amid speculation that Greek Prime Minister George Papandreou will win a confidence vote that moves the nation a step closer to avoiding a default. This morning Asian stocks rose, driving the region’s key index up for a second day as Greek Prime Minister George Papandreou won a parliamentary confidence vote, moving the country a step closer to avoiding a default on its debt. In commodities, Oil fell in New York on signs that a drop in U.S. stockpiles will be smaller than forecast and speculation that OPEC countries including Saudi Arabia are increasing supplies. Gold futures may advance for a seventh day amid investor concern that the Greek government, after winning a vote of confidence, may still struggle to pass austerity measures needed to avoid default on its debt. Copper rebounded from a three-week low as concern eased that Greece will default on its debt, boosting the outlook for commodity demand. Markets gave up most of the opening gains in the morning session due to weakness in realty shares and reports from Indian Meteorological Department that monsoon may remain below forecast. The Nifty trades at 5285 up by 9 points and the benchmark Sensex trades flat at 17540 down by 20 points. Top gainers on Sensex were Mahindra & Mahindra, up 1.3%, Infosys advanced 1% and Tata Power rallied 0.8%.  Among the losers were Jindal Steel, down 2.3%, Reliance Infra lost 1.3% and Hindustan Unilever was off 1.3%. The midcap and the small cap indices were up 0.3% each. Market breadth was positive, 886 stocks advanced for 636 stocks which declined.