Markets Trade in Green

The Global Markets emanate negative vibes this morning. U.S. stocks fell this week, giving the Standard & Poor 500 Index its seventh loss in eight weeks, amid concern the European debt crisis isn’t contained. European stocks fell for an eighth week, the longest stretch of losses since 1998, as concern grew that Greece will default and the Federal Reserve cut its growth forecast for the world’s largest economy. This morning Asian stocks fell by most in a week after regulators raised capital adequacy requirements for the world’s biggest lenders and amid concern the U.S. economy is faltering and Greece may not meet bailout conditions, hurting the outlook for banks and exporters. In commodities, Oil fell in New York on concern the economic expansion in the U.S. is slowing and as the International Energy Agency said it’s prepared to release more stockpiles to stabilize prices. Gold may extend losses, after capping the biggest weekly drop in seven weeks, as weaker oil prices and a pledge by European Union leaders to avert a Greek default slashed the metal’s appeal as a haven. Copper declined from London to Shanghai after global regulators increased capital adequacy requirements for the world’s biggest banks, and on concern Greece may not meet conditions for a bailout. The markets continue to edge higher into the second hour of trading on account of the gains witnessed in the Oil& Gas space. Currently the Sensex is up 175 points at 18,416 and the Nifty has added 57 points at 5,528. The upstream oil Company, ONGC is the top mover among the Sensex stocks contributing 35 points in the up move. HDFC, L&T and Reliance Industries added another 55 points. The market breadth is very positive. Of the total 2319 stocks traded on the BSE, 1452 stocks have advanced while 769 declined.