Markets Trade on a Flat Note

The Global Markets opened on a positive note. U.S. stocks rose, with benchmark indexes weathering a final hour selloff, after Greece made progress in meeting requirements for more international aid and Germany vowed continued support for the country. European stocks climbed the most in 16 months amid speculation policy makers will increase efforts to contain the regions sovereign-debt crisis. Asian stocks swung between gains and losses amid skepticism that the latest concessions by Greece will be enough to stave off a default and after further evidence of weakness in the U.S. economy. In commodities, Gold resumed a decline, trimming a 12th quarterly advance, as European policy makers made progress in tackling Greece’s sovereign-debt crisis, curbing investor demand for a haven. Crude Oil fell in New York, after the biggest gain in four months yesterday, as investors speculated that Europe’s plans to tame its debt crisis will falter, slowing the economy and curbing fuel demand amid rising U.S. supplies. On the Indian front, markets were trading flat today, tracking lacklustre cues from Asia and as some amount of profit booking seeped in banking and metal shares after the rally on Monday. The Nifty reclaimed 5,000 mark and touched a high of 5,006 in opening trade and slipped into the red shortly after. The Nifty is down by 8 points, at 4,963 and the Sensex is down by 30 points, at 16,494. The foreign institutional investors were net buyers of Rs 34 crore, while the domestic institutional were net buyers of Rs 690 crore on Monday. Among the sectoral indices, BSE IT index was leading the gains, up 2.6 per cent. BSE Bankex and metal indices were leading the losses on down 0.6 per cent each. Market breadth was positive, 1009 stocks advanced for 624 stocks which declined.