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The benchmark stock indices opened the day on a positive note, scaling fresh record highs in the process.
Join us as we follow the top business news through the day.
10:20 AM
Exports surge 6.2%, imports rise 2%
India recorded a 6.2% surge in exports in January 2021, marking the second month in a row that outbound trade recorded positive growth after the COVID-19 pandemic and global lockdowns dampened global trade through most of 2020.
Imports also grew for the second successive month in January, rising 2% as per quick estimates released by the Ministry of Industry and Commerce on Monday.
Non-oil and non-gold imports recorded a sharper growth of 7.5%.
“Exports in January 2021 were $27.45 billion, as compared to $25.85 billion in January 2020, exhibiting a positive growth of 6.16%,” the Ministry said.
10:00 AM
Indian shares at record high as financials gain
Yet another record high for the stock indices.
PTI reports: “Indian shares hit a record high on Tuesday, powered by gains in financial stocks as optimism about a swift global economic recovery boosted investor sentiment globally.
The NSE Nifty 50 index was up 0.69% at 15,420.45 by 0400 GMT, while the S&P BSE Sensex was 0.61% higher at 52,473.10. Both indexes hit record highs.
Kotak Mahindra Bank and HDFC Bank were the top boosts to the Nifty 50.
Separately, the Nifty PSU bank index that tracks state-run lenders jumped 2.82% after Reuters reported that the government had shortlisted four banks for potential privatisation.
Adding to optimism about a revival in growth was a S&P report that said India’s economy was on track for a recovery in 2021/22.
Other Asian stock markets were also trading higher, putting world equities on course to extend their bull run for a 12th consecutive session.”
9:30 AM
Incoming WTO head warns ‘vaccine nationalism’ could slow pandemic recovery
The World Trade Organization’s incoming chief on Monday warned against “vaccine nationalism’ that would slow progress in ending the COVID-19 pandemic and could erode economic growth for all countries – rich and poor.
Ms. Okonjo-Iweala told Reuters her top priority was to ensure the WTO does more to address the pandemic, saying members should accelerate efforts to lift export restrictions slowing trade in needed medicines and supplies.
The former Nigerian finance minister and senior World Bank executive was appointed on Monday in a consensus process and starts her new job on March 1.
“The WTO can contribute so much more to helping stop the pandemic,” Ms. Okonjo-Iweala said in an interview at her home in a suburb of Washington.
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