MARKET LIVE: Sensex tanks 1,400 pts, Nifty below 10,600; RIL slides 7%

The S&P BSE Sensex was down 1,428 points, or 3.8 per cent, at 36,140 levels. ONGC (down 10%), Powergrid, IndusInd Bank, Tata Steel, and Reliance Industries (all down 5%) each were the top laggards in the Sensex pack.

The broader Nifty50 index slipped below the 10,600 levels, down 390 points, or 3.56 per cent. All the Nifty sectoral indices were in the red. Nifty Metal index, down 4 per cent, bled the most.

In the broader market, the S&P BSE MidCap index was down 340 points, or 2.38 per cent, and the S&P BSE SmallCap index dipped 308 points, or 2.3 per cent.

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India submits ‘flexible’ proposal on fisheries sops at WTO

Showing flexibility, India has submitted a fresh proposal on capping fisheries subsidies at the World Trade Organisation (WTO). The approach also signals a move away from its earlier demand seeking exemption for all developing countries from the prohibition of subsidies to vessels.

As per the revised proposal, large-scale industrial fishing vessels and larger developing countries meeting criteria such as per capita gross national income of over $5000 may not be exempted from the prohibition, a Geneva-based trade official told BusinessLine.

“At a recent meeting on fisheries, India stated that its revised proposal shows flexibility to move forward and conclude negotiations by June this year at the Kazakhstan Ministerial meeting of the WTO,” the official said. India’s proposal was a revision of its earlier one made in June 2019.

In its earlier proposal, India had sought exemption for all developing countries and Least Developed Countries (LDCs) from the prohibition

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