Markets Trade on a Sluggish Note

The Global Markets gives out mixed cues this morning. Most U.S. stocks fell, with the Standard & Poor’s 500 Index declining for the first time in four days, as retailers slid after consumer confidence retreated to a five-month low. European stocks climbed for a sixth day as UBS AG and Deutsche Bank AG reported earnings that beat estimates the Basel Committee on Banking Supervision softened its proposed capital rules. This morning Asian stocks rose, driving the MSCI Asia Pacific Index higher for the fourth straight day, as Canon Inc. reported earnings that beat analysts’ estimates. In commodities, Oil declined for a second day in New York after an industry report showed U.S. crude inventories rose and the Conference Board said confidence among the nation’s consumers fell, signaling growth and energy demand may falter. Gold climbed, rebounding from the lowest level since May 5, as some investors took advantage of yesterdays decline to build bullion holdings. Copper, trading little-changed, may extend a decline from the highest level in more than 10 weeks after U.S. consumers’ confidence fell in July, raising concern the pace of economic recovery may slow, hurting metals demand. The Indian markets after starting on a positive note drifted into red as the day progressed to trade in red. Auto index kept on with their run to trade in green gaining more than one percentage points to trade in green followed by the Consumer Durables and Healthcare indices. The main draggers for the day are the Oil & Gas and Banking indices. Market breadth is positive with 1,465 advances against 937 declines. The Sensex trades in red at 18,068.09 declining 9.52 points or 0.05 percentage points. Nifty trades at 5428.60 declining by 2.00 points or 0.04 percentage points.