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Jeddah - Yasmine El Tohamy - India In-Focus — Shares recover; White House discusses Russia gas cap; Exports of raw sugar on cards
MUMBAI: Indian shares recouped early losses to close higher on Tuesday as oil explorer ONGC and aluminum producer Hindalco rose on a rebound in commodity prices after China relaxed some COVID-19 curbs.
The NSE Nifty 50 index ended 0.11 percent higher at 15,850.2, and the S&P BSE Sensex edged up 0.03 percent at 53,177.45 in last-hour buying, managing to gain for a fourth straight day after falling up to 0.7 percent each earlier in the session.
State-owned ONGC was the top Nifty percentage gainer, rising 5.6 percent to log its best session since mid-May. Hindalco Industries climbed 4.1 percent, gaining for a fourth straight session.
White House begins discussions with India on Russian gas
White House national security adviser Jake Sullivan said on Tuesday discussions have begun with countries, including India, on the implementation of a Russian gas cap.
“We have begun talks with India about how a price cap would work and what the implications would be,” he said.
In April, President Joe Biden told Indian Prime Minister Narendra Modi it was not in India’s interest to increase its imports of energy from Russia.
India to allow exports of raw sugar
India is considering allowing mills to ship out stocks of raw sugar that have piled up in ports and warehouses, trade and government sources said on Tuesday, weeks after it imposed curbs on overseas sale of the sweetener.
Additional shipments from India, the world’s biggest exporter of sugar after Brazil, could weigh on raw sugar futures, which are trading near their lowest in four months.
“We are looking into it,” said a senior government official, who sought anonymity in line with official rules. “The proposal regarding raw sugar is under consideration.”
He was referring to a request from sugar mills for the government to let them ship out unrefined stocks as they grapple with mounting stockpiles of the sweetener following the ceiling on exports.
Last month, India capped this season’s exports at 10 million tons, a figure they had almost reached, in a bid to prevent a surge in domestic prices as the world’s second-most populous nation battles high food inflation.
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