Markets Trade on a Soft Note

The Global Markets gives out mixed clues this morning. U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for the fifth time in six days, as declines in oil and metal prices dragged down commodity producers. European stocks gained for the first time in five days as automakers and mining companies rallied after the Group of 20 nations pledged to safeguard economic growth while cutting debt. This morning Asian stocks rose, driving the MSCI Asia Pacific Index higher for a second straight day, on stock buybacks and prospects of closer economic ties between Taiwan and China. In commodities, Crude oil traded near $78 a barrel in New York after declining on concerns slower economic growth may curb energy demand and skepticism that production from Gulf of Mexico wells will be disrupted by a tropical storm. Gold may rebound from the biggest decline in a week on speculation that the global economic recovery may be faltering, spurring demand for safer assets. Copper prices fell for the first time in three sessions as the dollars advance curbed demand for the metal as an alternative investment. The Indian markets this morning trades on a soft note taking cues from its Asian peers. Oil & Gas, Banking and IT indices were the main draggers this morning declining more than half percentage points. Market breadth is positive with 1,334 advances against 982 declines. The Sensex trades in red at 17,661.12 declining 113.14 points or 0.64 percentage points. Nifty trades at 5295.95 declining by 37.55 points or 0.70 percentage points.