Markets Trade on a Strong Note

The Global Markets gives out positive cues this morning. U.S. stocks rose, with the Standard & Poor’s 500 Index capping its first three day rally since April, as a drop in jobless claims and higher than-forecast sales at some retailer’s bolstered confidence in the economy. European stocks advanced for a third day as the International Monetary Fund raised its global growth forecast and banks climbed on optimism stress tests will ease concern about the health of the financial system. This morning Asian stocks fluctuated as gains by technology companies on falling U.S. jobless claims were countered by a Fast Retailing Co. forecast that dragged on Japanese equities. In commodities, Oil rose, poised for its biggest weekly gain in six, as U.S. crude inventories fell after Hurricane Alex disrupted Gulf of Mexico output and a drop in jobless claims increased optimism of an economic recovery. Gold is poised for a third weekly drop, the longest run of losses since February, as optimism a recovery in the global economy is under way is curbing demand for the metal as a store of value. Copper climbed in London for the fifth time in six days on speculation that a decline in stockpiles to a seven-month low indicated rising demand for the metal used in pipes, tubes and wires. The Indian markets taking cues from its global peers trade on a positive note this morning. All the sectoral and broader indices trade in green this morning with the maximum gain contributed by the Teck index gaining more than two percentage points followed by the Realty and IT indices gaining more than one percentage points. Market breadth is positive with 1,713 advances against 662 declines. The Sensex trades in green at 17,825.57 gaining 173.84 points or 0.98 percentage points. Nifty trades at 5346.30 gaining by 49.45 points or 0.93 percentage points.