Markets Trade in Green

The Global Markets emanate positive vibes this morning. U.S. stocks rose, giving benchmark indexes the biggest three-day gain since March, as Greece passed austerity measures and the Federal Reserve moved to set a less- severe limit on debit-card swipe fees than previously proposed. European stocks rallied the most in three months as Greek lawmakers passed a package of austerity measures needed to secure the next tranche of European Union financial aid. This morning Asian stocks rose, with the regional benchmark index headed for its highest close in a month, as concern about a banking crisis eased after Greece passed austerity measures and German financial institutions pushed toward an agreement to roll over Greek debt holdings. In commodities, Oil traded near a one-week high in New York after a report showed U.S. crude stockpiles fell almost three times as much as forecast and Greece’s government won a vote on austerity measures aimed at preventing a debt default. Copper rose to an eight-week high after reports that more Americans than forecast signed contracts to buy previously owned homes and Japanese industrial production expanded. Gold may decline, heading for a second monthly decline, as the euro climbed on speculation that the European Central Bank will raise interest rates next week and as European debt concerns subsided. The markets have pared some of its opening gains and are currently trading up 75 points at 18,768 while the Nifty moved up 19 points at 5,619. Earlier in the opening trades the Sensex had hit an intra-day high at 18,823. The broader markets moved in line with the BSE benchmark index with the midcap index up 0.2% and the small cap index gained 0.3% outperforming the BSE benchmark index which is up 0.2%. On the losers’ side are Bharti Airtel down nearly 2%, ONGC losing 1%, Hindalco, BHEL and Sterlite shedding in the range of 0.3-0.5%. The market breadth continues to be strong. 1263 stocks have advanced while 835 declined.