Markets Trade in Green Extending Early Gains

The Global Markets gives out positive clues this morning. U.S. stocks rose, sending the Standard & Poor’s 500 Index to its highest close in more than two months, as faster-than-estimated growth in service industries and jobs quelled concern the economy is slowing. European stocks closed little changed after better-than-forecast data on U.S. Company hiring and services growth offset concern that Chinas banking regulators are bracing for home-price declines of as much as 60 percent. This morning Asian stocks climbed, led by Japan’s Nikkei 225 Stock Average, after Toyota Motor Corp. raised its profit forecast and reports on U.S. service industries and jobs beat economists’ estimates. In commodities, Crude oil traded above $82 a barrel for a third day after U.S. reports showed service industries and payrolls rose more than forecast in July, signaling fuel demand may increase amid improved prospects for an economic recovery. Gold may advance for a seventh day, the longest winning streak in two months, because of speculation that investor demand will remain buoyant after Chinas move to relax trading rules for the metal. Copper prices rose a three-month high after a report showed U.S. companies added more workers in July than forecast, easing concern that the economic recovery is faltering. The Indian markets continue to trade positive after touching two and half year highs yesterday although Asian markets have pared early gains. Realty index is the main gainer this morning gaining more than one percentage points. Market breadth is positive with 1,728 advances against 941 declines. The Sensex trades in green at 18,261.89 gaining 44.45 points or 0.24 percentage points. Nifty trades at 5476.50 gaining by 8.65 points or 0.16 percentage points.