In a first, India allows US pork import

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New Delhi, Jan 11 | For the first time, India will allow the import of pork from the US, a decision taken at the US-India Trade Policy Forum held in New Delhi last November.

US Secretary of Agriculture Tom Vilsack and Trade Representative Katherine Tai announced that the government of India has agreed to allow the import of American pork and pork products, removing a longstanding barrier in agricultural trade.

Taking to Twitter on Monday night, Tai said that she and Vilsack “are very happy with India’s agreement to allow US pork imports for the first time. This is great news for our producers as we continue to strengthen our trade relationship with India.

“Thank you (Union Minister of Consumer Affairs) Piyush Goyal for facilitating this important development.”

In a statement, Secretary Vilsack said: “This new opportunity marks the culmination of nearly two decades of work to gain market access for US pork to India – and it signals positive movement in US-India trade relations.

“We will continue working with the Indian government to ensure that the US pork industry can begin shipping its high-quality products to consumers as soon as possible.”

In 2020, the US was the world’s third-largest pork producer and second-largest exporter, with global sales of pork and pork products valued at $7.7 billion.

In fiscal year 2021, the US exported more than $1.6 billion of agricultural products to India.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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