Markets Trade on a Flat Note

The Global Markets emanate positive vibes this morning. U.S. stocks advanced, breaking a three-day losing streak for the Standard & Poor’s 500 Index, as regulators issued capital rules to safeguard the global financial system and technology companies rallied. European stocks closed little changed as Greek law makers debated austerity measures needed to secure more aid and stave off default. This morning Asian stocks rose, with the regional benchmark index paring its loss for the month, on speculation Greece may be allowed to roll over some of its bonds, easing concern the nation’s sovereign debt crisis will spread across Europe, one of Asia’s biggest export markets. In commodities, Oil rose from the lowest in four months in New York as speculation U.S. demand will increase prompted investors to buy contracts after prices fell to the lowest in four months. Gold may gain for the first time in four days, snapping the worst run in more than a month, before a vote tomorrow by Greek lawmakers on budget cuts that rekindled concern over the region’s debt crisis. Silver rebounded. Copper in London climbed as optimism Greece wont default drove the euro higher against the dollar for a second day. After opening marginally higher in the green, the market has given up its gains and is down in the negative in the second hour of trading. The BSE benchmark index is down 16 points at 18,395 and the Nifty lost 8 points at 5,518. However, the broader market is exhibiting some strength. The midcap index is up 0.3% and the small cap index has added 0.2% outperforming the Sensex, which is down 0.1%. In the midcap space, 142 scrips have advanced while 131 have declined of the total 279 listed. Among the sectoral indices, the main draggers are Realty, Oil & Gas and IT indices down 0.6% each. On the other hand, Health Care continues to lead with a 0.6% gain followed by Consumer Durables and Power. The top losers in the Oil & Gas space are BPCL, HPCL, Indian Oil, Gail India, Cairn India and Oil India down 1% each. Yesterday's top gainer ONGC lost 0.4%. The market breadth continues to remain positive. Of the total 2183 stocks traded on the BSE, 1112 stocks have advanced while 942 have declined.