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Sensex Jumps Over 200 Points in Early Trade; Nifty Tops 14,750; Axis Bank Top Gainer

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Equity benchmark Sensex jumped over 200 points in the opening session on Wednesday tracking gains in index majors Reliance Industries, HDFC Bank and Axis Bank, despite weak trend in global markets. The 30-share BSE index was trading 207 points or 0.42 per cent higher at 49,958.41.

Similarly, the broader NSE Nifty was quoting 69.35 points or 0.47 per cent up at 14,777.15. Axis Bank was the top gainer in the Sensex pack, rising around 2 per cent, followed by Bajaj Finance, SBI, Reliance Industries, ONGC and UltraTech Cement.

On the other hand, TCS, PowerGrid, Infosys, HUL and Tech Mahindra were among the laggards. In the previous session, Sensex ended 7.09 points or 0.01 per cent higher at 49,751.41, and Nifty settled 32.10 points or 0.22 per cent up at 14,707.80.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,569.04 crore on Tuesday, as per exchange data. Domestic equities look to be good at the moment despite mixed cues from Asian markets, said Binod Modi Head-Strategy at Reliance Securities.

“FIIs turning net sellers for last two days can be a reason to worry in the near term. However, we continue to believe that FIIs flow should be favourable in the medium to long-term perspective as underlying strength of Indian equities remains intact,” he added. US equities witnessed sharp reversal from initial losses and finished mostly higher as Fed Chairman Jerome Powell continued to sound dovish in his testimony.

Powell vowed to keep monetary policy accommodative and gave no indication that rising bond yields or possibility of higher inflation would make the Federal Reserve begin reining in its efforts to support the economy, Modi noted. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a negative note in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.56 per cent lower at USD 64.12 per barrel.

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Airline CEOs, Biden Officials Consider Green-Fuel Breaks

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Chief executives of the nation’s largest passenger and cargo airlines met with key Biden administration officials Friday to talk about reducing emissions from airplanes and push incentives for lower-carbon aviation fuels.

The White House said the meeting with climate adviser Gina McCarthy and Transportation Secretary Pete Buttigieg also touched on economic policy and curbing the spread of COVID-19 travel has been a vector for the virus. But industry officials said emissions dominated the discussion.

United Airlines said CEO Scott Kirby asked administration officials to support incentives for sustainable aviation fuel and technology to remove carbon from the atmosphere. In December, United said it invested an undisclosed amount in a carbon-capture company partly owned by Occidental Petroleum.

A United Nations aviation group has concluded that biofuels will remain a tiny source of aviation fuel for several years. Some environmentalists would prefer the Biden administration to impose tougher emissions standards on aircraft rather than create breaks for biofuels.

Biofuels are false solutions that dont decarbonize air travel, said Clare Lakewood, a climate-law official with the Center for Biological Diversity. Real action on aircraft emissions requires phasing out dirty, aging aircraft, maximizing operational efficiencies and funding the rapid development of electrification.

Airplanes account for a small portion of emissions that cause climate change about 2% to 3% but their share has been growing rapidly and is expected to roughly triple by mid-century with the global growth in travel.

The airline trade group says U.S. carriers have more than doubled the fuel efficiency of their fleets since 1978 and plan further reductions in carbon emissions. But the independent International Council on Clean Transportation says passenger traffic is growing nearly four times faster than fuel efficiency, leading to a 33% increase in emissions between 2013 and 2019.

The U.S. accounts for about 23% of aircraft carbon-dioxide emissions, followed by Europe at 19% and China at 13%, the transportation group’s researchers estimated.

The White House said McCarthy, Buttigieg and economic adviser Brian Deese were grateful and optimistic to hear the airline CEOs talk about current and future efforts to combat climate change.

Nicholas Calio, president of the trade group Airlines for America, said the exchange was positive.

Airlines are ready, willing and able partners, and we want to be part of the solution” to climate change, Calio said in a statement. We stand ready to work in partnership with the Biden administration.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



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