Markets Trade on a Flat Note

The Global Markets emanate mixed vibes this morning but with a negative bias. U.S. stocks tumbled, sending the Dow Jones Industrial Average down more than 400 points for the fourth time this month, on concern the global economy is slowing and speculation that European banks lack enough capital. European stocks declined for a second day, dragging the Stoxx Europe 600 Index to the lowest in two years, amid concern that the global economy is slowing. This morning Asian stocks swung between gains and losses as speculation the U.S. Federal Reserve will announce further measures to stimulate the economy tempered concern that German chancellor Angela Merkel’s resistance to common euro-area bonds will prolong the regions debt crisis. In commodities, Gold rallied for a sixth day to an all-time high as a global economic slowdown and the European debt crisis sent equities lower and boosted demand for a haven. Platinum climbed to the highest level in more than three years. Brent Crude fell in London, narrowing its record premium to U.S. futures, as investors bet that Libyan production may recover after rebels entered the capital Tripoli in a push to force out leader Muammar Qaddafi. Copper climbed for a second day on speculation that China will keep buying on price dips after stockpiles in the Shanghai warehouses fell for the first time in six weeks. Aluminum and zinc advanced. The markets have swung between zones in the first hour of trade. The Sensex slipped to a low of 16,057, thereafter, recovered and jumped to a high of 16,237 - a gain of 180 points from the day's low. The NSE Nifty is currently trades at 4,847 down by 10 points while the Sensex is at 16167 down by 26 points. Healthcare and Auto stocks are the major draggers so far this morning. Market breadth is positive with 1264 advances as against 831 declines on BSE.