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Sensex Struggles After 4 Days Of Gains, Nifty Below 10,400

Metal stocks maintained their recent upward momentum with Vedanta, Tata Steel and Hindalco were up between 1 per cent and 2 per cent.

Sensex and Nifty wavered in early trade on Wednesday. The Sensex had ended higher for a fourth straight session on Tuesday, its longest winning streak since late January, with sentiment boosted as tensions eased between China and the US.

Asian markets were mixed today. Metal stocks maintained their recent upward momentum with Vedanta, Tata Steel and Hindalco were up between 1 per cent and 2 per cent.

The Sensex was marginally lower at 33,866, down 13 points while Nifty was off 6 points at 10,396.

Asian stocks rose modestly on Wednesday, paring earlier gains as optimism that trade ties between Washington and Beijing were on the mend gave way to questions about the next phase of the diplomatic tit-for-tat between the two countries.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.35 percent higher. It gained 1.2 per cent the previous day after a speech by Chinese President Xi Jinping was seen as striking a more conciliatory stance following a week of tit-for-tat tariff threats between Beijing and Washington.

The index’s surge lost some steam, however, with some Asian equity markets staggering, as the world’s two biggest economies are still seen needing to clear more hurdles before reaching any sort of settlement over trade issues.

Overnight, the Dow advanced 1.8 percent, the S&P 500 rose 1.7 per cent and Nasdaq added 2.1 per cent overnight after Xi on Tuesday pledged to further open up the economy and promised to cut import tariffs on products including cars.

Global oil prices remained elevated, after steep gains in the previous session. Brent dipped 0.1 percent to $70.96 a barrel after jumping 3.5 percent on Tuesday, when it rose to $71.34, highest since December 2014.

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