Markets Trade on a Flat Note

The Global Markets emanate negative vibes this morning. U.S. stocks rose this week, giving the Standard & Poor’s 500 Index its biggest rally in 21 months, as gains in technology and commodity companies were enough to overcome yesterday’s drop following the worst monthly jobs report since September. European stocks declined this week as concern deepened that the region’s debt crisis will spread and a report showed U.S. employers added fewer workers than forecast, fueling speculation the economic recovery is slowing. This morning Asian stocks fell, with the regional benchmark index headed for its biggest drop in two weeks, as U.S. unemployment unexpectedly increased, dimming the outlook for the global economic recovery and Asian exporters’ earnings. In commodities, Oil declined for a second day in New York as investors bet rising unemployment in the U.S. indicated that fuel demand may falter in the world’s biggest crude consuming nation. Copper may drop in London for a second day as the weakest U.S. jobs growth in nine months and concern that rising inflation in China may prompt Beijing to continue tightening monetary policies dimmed the demand outlook.  Markets opened lower following weak global cues and cautiousness prevailing ahead of the IT bellwether Infosys earnings on Tuesday. The S&P CNX Nifty declined 26 points, at 5,634 and the Sensex slipped 73 points, at 18,784. BSE IT index was down 1% ahead of the Infosys results tomorrow. Infosys declined 2%, Tech Mahindra was down 1.4% and Wipro was off 1.3%. BSE Consumer Durables index was up 0.4%. Bajaj Electricals was up 2.4%, VIP Industries advanced 2% and Gitanjali Gems gained 1.1%. From the broader markets, the midcap and small cap was down 0.1% each. Top gainers on the Sensex were ITC, was up 1%, ONGC gained 0.8% and NTPC advanced 0.8%. Among the losers, Hindalco declined 3%, Infosys fell 2% and Maruti Suzuki was off 2.1%. From the broader markets, 785 stocks declined for 773 stocks which advanced.