Markets Witness a Quite Start

The Global Markets gives out mixed cues this morning. U.S. stocks ended narrowly mixed after a six-day winning streak on Wednesday as strong corporate earnings and bearish economic reports provided confusing signals for the market. European stocks closed little changed after a six-day rally pushed valuations to the highest level in two months, offsetting a record profit forecast from Intel Corp., the world’s biggest chipmaker. This morning Asian stocks fell from a three-week high as concern resurfaced that an economic recovery may stall after reports showed U.S. retail sales declined and the Federal Reserve cut its growth forecast. In commodities, Crude oil fell for a second day after the Federal Reserves assessment that the economic outlook has softened added to concerns a recovery in fuel demand may falter in the U.S., the biggest energy-consuming nation. Gold advanced as a slide in stocks and commodities revived demand for the metal as a store of value after the Federal Reserve cut its growth forecast. Copper, aluminum and zinc pared losses after data showed China’s economic growth sustained its pace, improving demand prospects for industrial metals. This morning Indian markets trade on a quite note after witnessing selling pressure in the wee hours of trade in yesterday’s session. FMCG, Oil & Gas and Consumer Durables provide some support to the market as they trade on a positive this morning. Market breadth is positive with 1,481 advances against 950 declines. The Sensex trades in red green at 17,938.64 gaining 0.48 points. Nifty trades at 5386.10 declining by 0.05 points.