Stock markets surged in the morning trade on Wednesday, following a strong opening in Asian markets. Asian stocks opened higher following a surge in metal stocks after evidence of quickening price growth in China boosted metals and other commodities, and crude oil prices dropped to a one-month low.
At 10.40 am, the Sensex was trading at 27026.33, up by 126.77 points, while the Nifty was trading 46.35 points up at 8334.95.
The US markets turned in another relatively lackluster performance during trading on Tuesday before eventually ending the day mixed. The choppy trading on Wall Street came as traders seemed reluctant to make significant moves amid uncertainty about the near-term outlook for the markets. The lackluster performance also came amid a relatively quiet day on the US economic front, with traders looking ahead to reports on producer prices and retail sales due on Friday.
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The European markets endured a choppy trading session Tuesday and ended the day with mixed results. The markets fluctuated between small gains and losses of the course of the trading session. Bank stocks were under pressure due to renewed concerns over the Italian banking system. Meanwhile, mining stocks surged due to rising copper prices.
The Indian markets rose notably on Tuesday even as global cues remained muted in the wake of a sharp overnight drop in oil prices and concerns surrounding Brexit and the pace of rate hikes in the US.
As per provisional figures, foreign institutional investors (FIIs)/ foreign portfolio investors (FPIs) sold shares worth net Rs 21.20 crore on 10th January 2017. Domestic institutional investors bought shares worth Rs 253.36 crore on that day.