Markets Trade on a Flat Note

The Global Markets opened in mixed note. U.S. stocks fell, after the biggest gain in two weeks for benchmark gauges, as Federal Reserve Chairman Ben S. Bernanke disappointed investors by not detailing new plans to boost growth in the world’s largest economy. European stocks climbed, extending the Stoxx Europe 600 Indexs largest rally in three weeks, as oil producers and retailers advanced. This morning Asian stocks rebounded after U.S. President Barack Obama unveiled a $447 billion package to stimulate jobs growth and China said inflation was easing. In commodities, Crude Oil headed for a third weekly gain as investors bet President Barack Obama’s job-creation plan will support demand for fuel and as Tropical Storm Nate was forecast to become a hurricane, threatening supplies in the world’s biggest crude-consumer. Gold fell, set for a weekly decline, amid optimism a plan by U.S. President Barack Obama will create jobs and spur growth in the world’s largest economy, sending equities higher and trimming demand for safer assets Copper, little changed, is poised for a third weekly advance as Chinese inflation eased in August and U.S. President Barack Obama offered a jobs plan that would inject $447 billion into the world’s largest economy. The Indian markets witnessed a subdued opening in today's trading session on back of mixed global cues. At present the BSE Sensex is trading at 17,094, down 71  points and the Nifty at 5,129, down 23 points. Among the sectoral indices, BSE Metal, IT and Oil & Gas indices are the major laggards. BSE Metal is at 12,648, down nearly a per cent. sterlite Industries, Hindalco Industries, Tata Steel and SAIL are the among the top losers on the Sensex, down 1-2 per cent each. The overall market breadth is positive as 1,303 stocks have advanced against 411 declining ones.