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The Nifty and the Sensex opened the day on a negative note, witnessing a modest correction in line with global stocks overnight after yesterday’s rally.
Join us as we follow the top business news through the day.
Sensex drops over 100 points; Nifty slips below 14,100
A correction after yesterday’s rally.
PTI reports: "Equity benchmark Sensex dropped over 100 points in opening trade on Tuesday, tracking losses in index majors Reliance Industries, ICICI Bank and Kotak Bank amid weak trend in global equities.
The 30-share BSE index was trading 112.74 points or 0.23 per cent lower at 48,064.06, and the broader NSE Nifty fell 38.25 points or 0.27 per cent to 14,094.65.
ONGC was the top laggard in the Sensex pack, shedding around 2 per cent, followed by M&M, NTPC, Bajaj Auto, Kotak Bank, ICICI Bank and Reliance Industries.
On the other hand, Axis Bank, HDFC, TCS and HUL were among the gainers.
In the previous session, Sensex ended 307.82 points or 0.64 per cent higher at 48,176.80, and Nifty jumped 114.40 points or 0.82 per cent to its fresh lifetime high of 14,132.90.
Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 1,843.22 crore on a net basis on Monday, according to provisional exchange data.
According to Binod Modi Head-Strategy at Reliance Securities, domestic equities are not looking inspiring at the moment with Asian bourses trading lower taking cues from US markets.
"US equities fell sharply mainly led by mounting concerns over potential rise in borrowing costs after the 10-Year Treasury break-even rate rose over 2 per cent yesterday and rise in COVID-19 cases along with resultant lockdowns.
"Fresh lockdown announced in Britain until at least mid-February weighed on investors’ sentiment. All eyes would be on Georgia’s run-off elections, in which two Senate seats have the potential to create fresh volatility in the markets," he said.
Elsewhere in Asia, bourses in Shanghai, Tokyo and Hong Kong were trading on a negative note in mid-session deals, while Seoul was in the positive terrain.
Meanwhile, the global oil benchmark, Brent crude, was trading 0.14 per cent lower at USD 51.02 per barrel."
Vietnam buys Indian rice for first time in decades
Vietnam, the world’s thirdbiggest exporter of rice, has started buying the grain from rival India for the first time in decades after local prices jumped to their highest in nine years amid limited domestic supplies, four industry officials told Reuters.
The purchases underscore tightening supplies in Asia, which could lift rice prices in 2021 and even force traditional buyers of rice from Thailand and Vietnam to switch to India — the world’s biggest exporter of the grain. Indian traders have contracted to export 70,000 tonnes of 100% broken rice for January and February shipments at about $310 per tonne on a free-on-board basis, the industry officials said. “For the first time we are exporting to Vietnam,” B.V. Krishna Rao, president, Rice Exporters Association, told Reuters.
“Indian prices are very attractive. The huge price difference is making exports possible.” Vietnam’s 5% broken rice is offered at about $500-$505 per tonne, compared to Indian prices of $381-$387. Dwindling supplies and continued Philippine buying lifted Vietnamese rice export prices to a fresh nine-year high.
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