Markets Trade Flat Paring Early Gains

The Global Markets gives out positive clues this morning. U.S. stocks rallied, sending the Standard & Poors 500 to the highest close in 10 weeks, after better-than-estimated earnings at companies from Humana Inc. to Allergan Inc. and manufacturing data that topped forecasts. European stocks surged to a three- month high as HSBC Holdings Plc and BNP Paribas SA led a rally in banks and basic-resource producers climbed with base metals. This morning Asian stocks climbed, driving the MSCI Asia Pacific Index to a three-month high, after U.S. manufacturing data topped forecasts and HSBC Holdings Plc reported better than-estimated profit. In commodities, Oil traded near a three-month high after breaching $81 a barrel for the first time since May on expectations for improved economic prospects following gains in global equity markets. Gold may decline, snapping four days of gains, as evidence of a firmer economic rebound reduces the allure of the precious metal as a store of value while boosting demand for equities. Copper declined for the first time in five days in Asia, as some investors sold the metal to lock in gains after the rise to a three-month high yesterday. This morning Indian markets trade flat in green after paring their gains in the early trades. Among the Sectoral indices - Realty index is up by more than half percentage points and Banking index up by nearly one percentage points. However, Power, Auto, Capital Goods and IT have slipped into the red. Market breadth is positive with 1,586 advances against 1,020 declines. The Sensex trades in green at 18,114.82 gaining 33.61 points or 0.19 percentage points. Nifty trades at 5442.10 gaining by 10.45 points or 0.19 percentage points.