Markets Trade Flat on a Positive Note

The Global Markets gives out negative cues this morning. U.S. stocks fell, ending the Dow Jones Industrial Averages longest winning streak in two months, following worse-than-estimated sales at Bank of America Corp., Citigroup Inc. and General Electric Co. and consumer confidence that sank to the lowest level in a year. European stocks fell this week as economic reports in China and the U.S. signaled the global recovery may falter and as Bank of America Corp. and Citigroup Inc. reported sales that trailed analysts’ estimates. This morning Asian stocks fell after revenue at Bank of America Corp., Citigroup Inc. and General Electric Co. missed analyst estimates and a gauge of U.S. consumer confidence sank to the lowest in a year. In commodities, Crude oil slumped, adding to concerns a recovery in fuel demand may falter in the biggest energy-consuming nation. Gold may drop, extending the biggest fall in almost two weeks, as the dollar gains against six major currencies, curbing demand for the metal as a store of value. Copper gained for the first time in three days in Asia after a drop to a two-week low increased its discount declined for a fourth day in New York after confidence among U.S. consumers to Shanghai prices, encouraging purchases by Chinese traders. Zinc and lead also climbed. The Indian markets taking cues from its global peers started off on a negative note but regained their lost ground to trade almost on a flat note in green. The main draggers this morning are the IT and Realty indices declining more than half percentage points. PSU and Capital Goods indices provide some support to the markets as they trade on a positive note gaining more than half percentage points. Market breadth is positive with 1,584 advances against 954 declines. The Sensex trades in green at 17,963.75 gaining 7.96 points or 0.04 percentage points. Nifty trades at 5396.25 gaining by 2.35 points or 0.04 percentage points.