Markets Trade on a Positive Note

The Global Markets opened on a mixed note. U.S. stocks fell, giving the Standard & Poor’s 500 Index its longest slump in almost a month, amid concern that Europe’s debt crisis is worsening. Equities pared losses in the final 30 minutes of trading. European stocks declined for a third day, reaching the lowest in more than two years, as deepening concern that the regions debt crisis will derail the recovery overshadowed better-than-estimated growth in U.S. services. This morning Asian stocks gained, with the benchmark regional index rebounding from a three-day drop that left valuations near a three-year low, after a weaker yen boosted the outlook for Japanese exporters. In commodities, Oil advanced from the lowest in more than a week in New York amid signs of shrinking crude stockpiles in the U.S. and speculation a storm building in the Gulf of Mexico posed a threat to supply in the world’s biggest consumer of the commodity. Gold may rebound after falling the most in a week yesterday as investors sought to protect their wealth against declining currencies and economic turmoil. Copper futures gained for the first day in five on concern that production may decline amid strike threats at mines in Peru and Indonesia, worsening a global shortage. The markets remained firm in late morning trades on back of positive cues from Asia and rally in financials and realty shares. The BSE Sensex is at 17024, up 161 points and the Nifty is at 5111, up 47 points. Earlier in the day, the BSE benchmark index had touched a high of 17,042. From the broader markets, the midcap and the small cap indices were up 1 per cent each. The overall market breadth is positive as 1,722 stocks have advanced against 679 declining ones.