Markets Trade on a Positive Note

The Global Markets opened on a mixed note. U.S. stocks retreated, following the longest rally since July for the Standard & Poors 500 Index, amid concern Greece will fail to qualify for more financial aid needed to avoid a debt default. European stocks slid, halting a four-day rally for the Stoxx Europe 600 Index, as investors speculated that Greece may not receive an aid payment that would help it avoid default. This morning Asian stocks fell, extending a two- week decline on the region’s benchmark stock index, after Italy’s sovereign credit ratings were cut, intensifying concern Europe’s debt crisis is worsening and may sour the outlook for exporters, banks and commodity producers. In commodities, Gold may rally from its biggest drop in a week on concern that the European debt crisis is worsening, spurring demand for haven assets including bullion. U.S. crude oil supplies declined to an eight-month low as refineries cut deliveries with the start of a maintenance cycle, a Bloomberg News survey showed. Copper may decline for a third day, extending losses after slipping to a nine-month low, on speculation that the mounting European sovereign-debt woes will hurt global economic growth and curb industrial-metals demand. Indian markets this morning opened on a quiet note and moved higher, tracking recovery in the Asian indices taking Italy's credit rating cut by Standard & Poor's in stride. The Nifty was up 55 points, at 5,085 and the Sensex added 177 points, at 16,922. Buying was seen in Consumer Durables shares also, the BSE Consumer Durables index was up 1.6 per cent. Rajesh Exports gained over 3 per cent, followed by Titan Industries, up 1.4 per cent and Videocon Industries, up 1 per cent. From the broader markets, midcap and the small cap indices were up around 0.5 per cent each.  Market breadth was negative, 468 stocks declined for 1068 stocks which advanced.