Markets Trade in Green on Positive US and Asian Cues

The Global Markets gives out mixed cues this morning. U.S. stocks rose for a second day, erasing earlier losses as speculation the Federal Reserve will take steps to spur lending and an increase in building permits sent homebuilders and commodity producers higher. Most European stocks declined after Hungary raised less than planned in a debt sale and U.S. companies reported revenue that missed analysts estimates, overshadowing a rally in mining shares. This morning Asian stocks rose, driving the MSCI Asia Pacific Index higher for a second straight day, after Apple Inc. reported better-than-estimated earnings and commodity prices advanced. In commodities, Oil traded above $77 a barrel in New York after rising as equities climbed and as an industry report showed a decline in U.S. crude inventories. Gold futures rebounded from the lowest price in eight weeks on demand for a haven from weakening currencies. Copper climbed for a third day in Asia as inventories extended their declines, fueling expectations that demand remains robust. The Indian markets taking cues from it’s US and Asian peers trade on a positive note this morning. All the broader indices and most of the sectoral indices trade in green this morning with the only exception being the healthcare indices that trade flat in red. The main gainers this morning are the Metal and FMCG indices that trade in green gaining more than one percentage points. Market breadth is positive with 1,645 advances against 793 declines. The Sensex trades in green at 17,959.10 gaining 80.96 points or 0.45 percentage points. Nifty trades at 5391.70 gaining by 23.70 points or 0.44 percentage points.