Markets Trade in Green on Strong Global Cues

The Global Markets gives out positive cues this morning. U.S. stocks gained four straight days, giving the Standard & Poor’s 500 Index the biggest weekly rally in a year, as retailers eased concern about the economy and the International Monetary Fund raise its growth forecast. European stocks surged this week by the most in a year as concern about the economic recovery faded and investors speculated that the selloff in equities since April has overshot the outlook for earnings. This morning most Asian stocks rose as gains in metal prices bolstered mining companies and a weakening yen boosted Japanese exporters. In commodities, Oil traded near $76 a barrel in New York after rising as China, the world’s second biggest energy consumer, boosted crude imports to a record high in June. Gold declined in Asia on speculation that investor demand for the precious metal is slowing on signs that the global economic recovery is strengthening. Copper imports by China, the largest consumer, fell for a third month in June as expectations of a slowdown in demand and concerns about the strength of the global economic recovery reduced orders. The Indian markets taking cues from its global peer’s trade firm on a positive note this morning. All the sectoral and broader indices trade in green this morning. The main gainers are the Realty, Metal and IT indices gaining more than one percentage points. Market breadth is positive with 1,911 advances against 711 declines. The Sensex trades in green at 17,993.35 gaining 159.81 points or 0.90 percentage points. Nifty trades at 5397.15 gaining by 44.70 points or 0.84 percentage points.