Markets Trade on a Negative Note

The Global Markets emanate mixed vibes this morning but with a negative bias. U.S. stocks fell after Goldman Sachs Group Inc decline in the last 15 minutes of trading wiped out the day’s second Standard & Poors 500 Index rally, overshadowing gains by technology shares. European stocks rebounded from a two-year low amid speculation the Federal Reserve may this week signal additional stimulus measures and as prospects for an end to the war in Libya boosted energy companies. This morning Asian stocks rose for the first time in four days, with the regional benchmark index rebounding from its lowest level in almost a year, as exporters climbed on speculation that the Federal Reserve will announce additional measures to shore up the recovery in the U.S. In commodities, Crude Oil traded near a three-day high in New York amid signs U.S. fuel demand may rebound and a recovery in Libyan crude production may take longer than expected. Gold advanced to an all-time high above $1,910 as investors sought to protect their wealth against financial turmoil amid speculation that the global economy is slowing. Copper gained after data showed Chinese imports rebounded to the highest level since January and on speculation that the U.S. will announce additional measures to shore up the recovery. Lead and zinc also advanced. Following mildly positive cues from the global markets, the Sensex opened with a positive gap of 105 points at 16,447. The index, however, soon slipped into the negative zone on the back of weakness in auto and banking shares. The Sensex is now down 95 points at 16,246. The NSE Nifty has declined 25 points at 4,873. Among the Sensex stocks - Coal India is the major loser, down 2.5% at Rs 386. Tata Motors, Wipro, Mahindra & Mahindra and Cipla are the other major losers. On the other hand, Jindal Steel, Sun Pharma and TCS are the other major gainers. The BSE Auto and Bankex have declined nearly 1% each to 8,226 and 10,680, respectively. The market breadth is fairly positive - out of 2,922 stocks traded so far, 1,803 have advanced and 1,018 have declined on the BSE.