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MUMBAI: Indian shares rose on Wednesday, after declining for two straight sessions, as banking stocks jumped amid strength in broader Asian equities, although the gains were capped by losses in the technology sector.
The NSE Nifty 50 index was up 0.50 percent at 16,205.30 by 0353 GMT, while the S&P BSE Sensex rose 0.36 percent to 54,245.74.
India restricts sugar exports at 10 million tons
India has imposed restrictions on sugar exports for the first time in six years by capping this season’s exports at 10 million tons, a government order said, to prevent a surge in domestic prices after mills sold a record volume on the world market.
The government has also asked exporters to seek its permission for any overseas shipments between June 1 and Oct. 31, the order said.
India is the world’s biggest sugar producer and the second biggest exporter behind Brazil.
Benchmark white sugar prices in London jumped more than 1 percent after India’s decision.
“The government is worried about food inflation, and that’s why it is trying to ensure that enough sugar remains in the country to cater to the festival season,” said a Mumbai-based dealer with a global trading firm.
Exporters also said the decision to allow mills to export 10 million tons would help India sell a reasonably big quantity of sugar on the world market.
US Treasury official heads to India to discuss Russian oil purchases
A Biden administration official headed to India on Tuesday to talk with officials and private industry about US sanctions, the Treasury Department said, as Washington seeks to keep India’s purchases of Russian oil from rising.
Elizabeth Rosenberg, the assistant secretary for Terrorist Financing and Financial Crimes, will visit New Delhi and Mumbai through Thursday, a Treasury spokesperson said.
Another senior US official told Reuters on March 31 that a significant increase in Russian oil imports by India could expose New Delhi to “great risk” as Washington prepares to step up enforcement of sanctions against Moscow after its invasion of Ukraine.
Rosenberg’s visit is part of a wider Biden administration effort to fan out to partners and allies around the world to talk with officials and industry about the implementation of US sanctions and export controls, the Treasury spokesperson said.
(With input from Reuters)