Markets Trade Flat on Weak Global Cues

The Global Markets gives out negative clues this morning. U.S. stocks plummeted, sending the Standard & Poor’s 500 Index to its lowest level since Oct. 30, on concern over weakening growth in China and a slump in American consumer confidence. European stocks tumbled the most in almost six weeks as a report fueled concern that Chinas economy is expanding at a slower pace than estimated and confidence among U.S. consumers dropped more than forecast. This morning Asian stocks fell for a second day, extending a global rout, as a slump in U.S. consumer confidence fueled concerns about the strength of the global economy. BHP Billiton Ltd., the world’s largest mining company. In commodities, Oil dropped for a third day on concern over weakening economic growth in China and as confidence declined more than forecast among consumers in the U.S., the world’s biggest energy user. Gold is headed for its biggest quarterly advance since the final three months of 2007 as Europe’s sovereign-debt crisis and concern over the economic recovery fuel investment demand for safer assets. Copper, aluminium and zinc are heading for a quarterly slump on concerns about the strength of the global economy. The Indian markets after starting on a soft note gained as the day progressed to trade almost flat on a negative note this morning. Most of the broader and sectoral indices trade in red this morning with the exceptions being the Oil & Gas and FMCG indices trading in green gaining more than half percentage points. The main draggers this morning are the IT and Realty indices. Market breadth is negative with 1,157 advances against 1,290 declines. The Sensex trades in red at 17,502.08 declining 32.01 points or 0.18 percentage points. Nifty trades at 5248.85 declining by 7.30 points or 0.14 percentage points.