Markets Witness Steady Upmove

The Global Markets emanate positive vibes this morning. U.S. stocks rose, sending the Standard & Poor’s 500 Index to its highest level in three weeks, amid optimism European nations will take action to prevent a Greek default and after Nike Inc.’s earnings beat estimates. European stocks gained as investors speculated that Greek lawmakers will heed Prime Minister George Papandreou’s call to approve a package of austerity measures. This morning Asian stocks rose, with the key regional index headed for its highest close in two weeks, amid signs Greece may avoid a default on its debts, lessening the risk to bank earnings, and after commodity prices advanced. In commodities, Oil traded near the highest in four days in New York on speculation U.S. crude supplies dropped for a fourth week and steps by the Greek government to prevent a debt default will bolster Europe’s economy. Gold may advance for a second day as concern about protests and strikes in Greece before the governments vote on budget cuts boost demand for the metal as an alternative investment. Copper rose for the second time in three sessions in New York amid optimism that the European debt crisis will be contained, boosting growth prospects. The markets is on an upswing with the Sensex at a day's high thus far at 18,684 and the Nifty added 54 points to reach 5,600, the resistance point for the past two months. The broader markets too are in line with the midcap advancing by 0.8% and the small cap index added 1%. The major mover among the sectoral indices is FMCG index which advanced 1.6% closely followed by Metal, Power and IT index adding 1% each. The market breadth continues to be positive. Of the total 2231 stocks traded on the BSE, 1582 stocks have advanced while 567 declined.