Markets Trade in Green on a Flat Note

The Global Markets emanate mixed vibes this morning. U.S. stocks advanced, preventing the longest Dow Jones Industrial Average slump since 1978, amid speculation the Federal Reserve may consider another economic stimulus program to prevent a recession. European stocks sank the most in fourth months, extending an 11-month low, amid concern the U.S. recovery is faltering and the world’s largest economy may lose its top credit rating. Most Asian stocks this morning gained after Japan intervened in the foreign-exchange market to sell the yen, boosting the outlook for the nation’s exporters. In commodities, Oil rose from a five-week low in New York as speculation that the Federal Reserve may start another stimulus program countered signs of a slowing economy in the world’s biggest crude-consuming nation. Gold traded near an all-time high on speculation that the U.S. Federal Reserve may provide additional stimulus amid signs that the economic recovery is faltering, spurring demand for wealth protection. Copper in London advanced as much as 0.4 percent to $9,570 a metric ton after dropping to a more than three-week low yesterday on concern that the economy is stalling in the U.S., the world’s second-biggest user of the metal. The markets have opened on a positive note with the Sensex up 38 points at 17,979, and the Nifty is trading at 5,414, gaining nine points. Meanwhile, the broader markets have opened strong with the smallcap and the midcap indices up 0.3% each as compared to the Sensex, up 0.2%. Currently, the Sensex is up 53 points at 17,993 and the Nifty added 17 points at 5,421. Among the sectoral indices, Capital Goods, Metal and Power indices are leading the gains up 0.6% each. Meanwhile, FMCG has started in the negative, down 0.6% along with the Auto index down 0.4%. The draggers in the FMCG space are ITC and Dabur India, losing 1% and 0.5% respectively. The top gainers among the Sensex stocks in the opening trades are Reliance Infrasrtucture up 2% followed by HDFC, Jaiprakash Associates and HDFC Bank gaining 1% each. Among the losers are ITC,Mahindra & Mahindra, Tata Motors,Bharti Airtel and Maruti Suzuki starting the day, down 1% each. The market breadth is positive. 762 stocks have advanced while 310 have declined on the BSE.