Markets Trade on a Flat Note This Morning

The Global Markets gives out mixed cues this morning. U.S. stocks fell, sending the Standard & Poor’s 500 to a nine-month low, as weaker-than- estimated data on manufacturing and home sales fueled concern that the economic recovery is in peril. European stocks dropped to a five- week low after reports that showed manufacturing growth slowed in China and the U.S. and more Americans unexpectedly applied for jobless benefits. This morning most Asian stocks rose, led by commodity producers, after Australian Prime Minister Julia Gillard reached an agreement with mining companies on a resources tax. In commodities, Crude oil gained for the first day in five, trimming its biggest weekly loss in eight as investors bought contracts on the view that prices have fallen too far too fast. Gold rebounded from the biggest fall in five months as concern that the global economic recovery may be faltering boosted demand for the metal as a store of value. Copper may fall after reports pointed to a weakening of manufacturing in China, the worlds largest consumer of the industrial metal. The Indian markets after closing on a negative note in yesterday’s trade is giving some respite to investors and trades in green on a flat note. Almost all the sectoral and broader indices trade in green this morning with the only exception being the IT index which trades in red. The PSU, Consumer Durables and Realty indices provide some support to the markets gaining nearly one percentage points. Market breadth is positive with 1,736 advances against 657 declines. The Sensex trades in green at 17,552.82 gaining 43.49 points or 0.25 percentage points. Nifty trades at 5269.95 gaining by 12.55 points or 0.24 percentage points.