Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.2% while the Hang Seng is down 0.9%. The Nikkei 225 is trading down by 0.8%. US stocks jumped more than 1% on Tuesday, bouncing back from a sharp sell-off the previous day as China stepped in to stabilize the yuan, easing concerns that currencies would be the next weapon in the US-China trade war.
Back home, India share markets opened on a flat. The BSE Sensex is trading down by 36 points while the NSE Nifty is trading down by 27 points. Both, the BSE Mid Cap index and BSE Small Cap index opened up by 0.2%.
Sectoral indices have opened the day on a mixed note with metal stocks and consumer durables stocks witnessing maximum selling pressure. IT stocks and healthcare stocks have opened the day in green.
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Moving on, the rupee is currently trading at 70.18 against the US$.
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The Indian rupee extended losses for a fourth session on Tuesday, dropping 8 paise to 70.81 against the US dollar ahead of the RBI's monetary policy decision.
Unabated foreign fund outflows and higher crude oil prices have taken a toll on the domestic currency's health.
At the interbank foreign exchange (forex) market, the domestic currency opened at 70.80 a dollar and touched a high of 70.47 and low of 70.89 during the day.
The local unit finally closed at 70.81 against the American currency, down 8 paise over its previous close.
Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...
To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?
Moving on to the news from the oil & gas sector. Eight years after they partnered to produce hydrocarbons in India, Reliance Industries and British oil major BP Plc have come together again to open a nationwide network of fuel retailing outlets.
Reportedly, the outlets will be set up through a new joint venture company that will be owned 51% by RIL and the remainder by BP. The partnership will also market aviation turbine fuel to cater to India's growing aviation industry.
Together, the companies plan to set up 5,500 fuel retail stations across the country, which may include the 1,378 retail outlets RIL independently runs across India at present.
BP received a licence to market jet fuel in India in January 2016. In October 2016, it received a licence to set up 3,500 fuel retail outlets in India.
RIL holds a licence to open 5,000 fuel outlets and plans to double its market share in the fuel retail segment from the present 7-8% share.
BP is RIL's partner in its exploration and production ventures in the country. In February 2011, London-based BP bought a 30% stake in 21 oil and gas production-sharing contracts operated by RIL for US$7.2 billion. The two are also partners in India Gas Solutions Pvt. Ltd, an equal joint venture for sourcing and marketing of gas in the country.
India is one of the few major global markets where fuel demand is growing and has attracted attention from foreign fuel retailers seeking to gain a toehold in a country where fuel retailing is dominated by state-run companies.
RIL and BP are also partners in India Gas Solutions, an equal joint venture for sourcing and marketing of gas in the country. Besides, BP has a presence in India through its automotive and industrial lubricant brand Castrol.
Reliance Industries share price opened the day up by 0.3%.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
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