Markets Trade on a Positive Note

The Global Markets gives out mixed clues this morning. U.S. stocks recovered from an early slump as BP Plc said it temporarily halted the flow of oil from its Gulf of Mexico well and Goldman Sachs Group Inc. rallied before settling the federal government’s fraud lawsuit. European stocks fell the most in two weeks as a slowdown in Chinese economic growth and New York-region manufacturing overshadowed a Spanish bond sale that drew increased demand. This morning Asian stocks fell after U.S. manufacturing contracted and wholesale prices dropped, fuelling concern an economic recovery may be faltering. Technology stocks declined after Google Inc. earnings missed estimates. In commodities, Crude oil tumbled after government reports bolstered concern that the U.S. economic recovery will slow, reducing fuel consumption. Gold climbed on signs of slower growth in the U.S. and China, and speculation that a weaker dollar will spur demand for the metal as an alternative asset. Copper prices rose in New York as the dollars decline enhanced the appeal of commodities as alternative assets. The Indian markets after starting off on a soft note consolidated their positions as the day progressed and trade on a positive note. IT, Teck and Banking indices provides support to the markets as they trade in green this morning gaining one percentage points. The main draggers this morning are the Metal and Oil & Gas indices. Market breadth is positive with 1,597 advances against 857 declines. The Sensex trades in green at 17,944.40 gaining 34.94 points or 0.20 percentage points. Nifty trades at 5389.35 gaining by 10.60 points or 0.18 percentage points.