Positive Global Cues Helps Markets to Trade on a Positive Note

The Global Markets opened in green on the second day. U.S. stocks rose, sending the Standard & Poor’s 500 Index to the highest level in almost a month, amid optimism the economy will recover and after Hurricane Irene failed to shut financial markets. European stocks rose after two days of losses dragged equities near to the cheapest valuation in more than two years and a report showed U.S. consumer spending gained in July. Asian stocks rose for a fourth day, set for their longest streak of daily advances since July, after U.S. consumer spending and car sales increased and as companies across the region reported profit that beat estimates. In commodities, Crude Oil advanced for a fourth day in New York as investors bet that signs of a strengthening U.S. economy indicate fuel demand will increase in the world’s biggest crude- consuming nation. Gold advanced after Federal Reserve Chairman Ben S. Bernanke held off from offering more stimulus to help economic growth, boosting the appeal of the precious metal as a haven investment. Copper fell for the first time in five sessions on concern that the global economic recovery is faltering. The Indian markets opened on a positive note this morning. The Sensex currently trades at 16562 up by 146 points while the Nifty trades at 4961 up by 41 points. The main contributors to the gains are the Realty, Metal and Teck indices. Market breadth is positive with 1472 advances as against 594 declines on BSE.