The Unite trade union has criticised oil giant ExxonMobil as it shuttered its Mossmorran plant.

The Fife Ethylene Plant was due to close this month, but the union claimed it was shut down early, with production ending on Monday.

Exxon announced the impending closure last year, with around 400 jobs at risk as a result, claiming it was no longer financially viable.

No immediate job losses are expected as a result of the end of production on Monday, but it is understood 69 staff will leave at the end of April, with 90 remaining to complete the decommissioning of the site, who will then leave in three waves up until the expected completion in early 2028.

According to the firm, 20 staff have chosen to relocate to other parts of ExxonMobil’s UK operation.

Along with the firm’s own staff, around 250 contractors worked on the site.

In a statement, a spokesman for the company said: “After more than 40 years of operations, Fife Ethylene Plant permanently shut down production on February 2.

“In the months ahead the plant will be fully decommissioned and made safe for dismantling. We anticipate this process to be completed by early 2028.”

But the trade union hit out at the firm, claiming it had ended production early.

ExxonMobil had previously planned to close the plant on February 16, but it is understood an operational issue with a unit on the site, which would have required multiple days for repair and to restart, was the reason for the early closure.

Unite’s general secretary Sharon Graham said: “This is another nail in the coffin of the oil and gas industry, with jobs haemorrhaging on this government’s watch.

“Unite has said repeatedly that the government should not be letting go of one rope before it has hold of another.

“Importing oil and gas while we offshore our carbon responsibilities is quite frankly an abdication of responsibility which makes us more vulnerable and betrays workers.

“ExxonMobil’s decision to close Mossmorran ahead of schedule is a disgrace and a betrayal of its workers.

“This is an enormously profitable multi-billion pound company and this unnecessary decision will have a devastating impact on the local community in Fife.”

Deputy First Minister Kate Forbes said the news would be “difficult” for workers, but the Scottish Government was “doing all it can to support them”.

“I have written to worker representatives to assure them of our support and to ExxonMobil to ask that the workforce is prioritised,” she said.

“We have committed £9 million over three years to mitigate the impacts of the plant’s closure, with our Partnership Action for Continuing Employment providing skills and employability support to workers.

“This funding will also support the site’s long-term future, with Scottish Enterprise identifying new investment opportunities.”

Scottish Tory business spokesman Murdo Fraser said the closure was a “terrible blow” for the area and the workers.

“As with Grangemouth, the SNP government promised swift action to protect workers and the local community, but their task force didn’t even meet until last week,” he said.

“These closures are the inevitable result of Labour and the SNP having created a hostile environment for businesses, especially those connected with the oil and gas sector, by piling on punitive taxes and regulations.

“Ministers must now ensure that there is decisive action to support those affected, and not merely empty promises.”

Last Updated:February 03, 2026, 16:07 IST

Indian benchmark indices staged a powerful rally, with the Nifty and Sensex surging up to 4.7% and 4.4% respectively; Know key reasons

Nifty50

Indian benchmark indices staged a powerful rally, with the Nifty and Sensex surging up to 4.7% and 4.4%, respectively, marking one of their strongest single-day advances. The sharp upswing followed the announcement of a long-awaited India–US trade agreement, which helped ease tariff-related worries that had weighed on domestic equities for months.

The benchmark BSE Sensex ended 2072.67 points higher or 2.54% to end at 83,739.13. The Nifty 50 climbed 639.15 points, or 2.55%, to end at 25,727.55 during the session.

Earlier in the day, the BSE Sensex jumped 5.1% during the session to hit an intraday peak of 85,871.73. Meanwhile, the Nifty 50 advanced by 1,252 points, or 5%, climbing to 26,341.2 as buying intensified across the board.

The sharp move also led to a massive rise in investor wealth. The combined market capitalisation of BSE-listed companies increased to Rs 467.35 lakh crore from ₹455 lakh crore in the previous session, translating into a gain of more than Rs 12.5 lakh crore in a single day as participation broadened across sectors.

Highlighting the reasons that are fueling the Indian stock market today, Santosh Meena, Head of Research at Swastika Investmart, said, “The Indian stock market today is in a bull trend due to the announcement of the India-US trade deal. The much-awaited trade deal has the potential to significantly improve sentiment across markets and among FIIs. After a strong gap-up opening during the Opening Bell, the possibility of the Nifty 50 index hitting fresh all-time highs in the near term cannot be ruled out. The Indian rupee is also expected to strengthen meaningfully.”

On segments that may benefit in upcoming sessions after the India-US trade deal, Santosh Meena of Swastika Investmart, said, “Export-oriented sectors are likely to be the key beneficiaries—textiles and apparel, gems & jewellery, leather, marine/seafood (shrimp), auto ancillaries, engineering goods, speciality chemicals, and select electronics and consumer goods. Pharma and IT/services may also witness an indirect sentiment boost.”

What’s driving the rally

India–US trade deal

After prolonged negotiations, India and the US sealed a trade agreement under which Washington cut reciprocal tariffs on Indian goods to 18% from 50%. In return, India will reduce tariffs and non-tariff barriers on American products. The breakthrough removes a major uncertainty that had kept foreign investors cautious and contributed to Indian equities’ underperformance. Through January, the Nifty had slumped over 1,000 points at its worst, even as foreign portfolio investors sold heavily.

Rupee strength adds comfort

A stronger rupee also supported sentiment, easing some pressure from global volatility. The currency opened at 90.40 against the dollar versus its previous close. Analysts believe the combined effect of the India–US deal, progress on the EU trade front and a growth-focused Budget could lift sentiment and revive risk appetite across markets.

FII short covering

Short covering by foreign institutional investors amplified the rebound. With bearish positions estimated to be close to 90%, traders rushed to unwind shorts as indices rebounded from oversold levels and the Nifty reclaimed the 26,000 mark. Anand James, Chief Market Strategist at Geojit Investments, said a sustained move above 25,000 opens the door to 25,800 and possibly 26,200, though failure to hold above 25,800 could trigger consolidation toward the 25,430–25,340 zone.

Heavyweights power gains

Large-cap stocks led from the front. Reliance Industries climbed nearly 4%, while Adani Ports surged about 8%, giving strong momentum to the benchmarks. HDFC Bank, L&T, Bajaj Finance, ICICI Bank, Infosys and Eternal gained up to 5%. Optimism around the Union Budget 2026’s capital expenditure push further strengthened expectations of better order flows.

Buzz for strong quarterly numbers

On how the India-US trade deal may benefit the Indian stock market in the medium to long term, Seema Srivastava, Senior Research Analyst at SMC Global Securities, said, “The India-US deal is expected to benefit export-oriented companies, especially the auto, IT, textile, pharma, gems and jewellery. So, companies from these segments are expected to report strong quarterly numbers in the upcoming quarters.” She said that the market would try to discount that buzz much before the companies start reporting such robust quarterly numbers.

Supportive global cues

Global markets also offered tailwinds. The Dow Jones rose roughly 515 points (1.05%), the S&P 500 gained 0.5%, and the Nasdaq advanced about 0.6%. Asian equities rallied, with Japan’s Nikkei jumping around 3% and South Korea’s Kospi soaring over 5%. Hong Kong’s Hang Seng and China’s CSI 300 posted modest gains, while Australia’s S&P/ASX 200 climbed 1.3% after the Reserve Bank of Australia raised its policy rate by 25 basis points to 3.85%, its first hike since November 2023.

Stocks to buy after India-US trade deal

On stocks to buy in the wake of the India-US trade deal and the reduction of Trump’s tariffs on India, Anuj Gupta, a SEBI-registered market expert, recommended 21 stocks to buy today from the auto, IT, pharma, textile, and defence sectors.

Pharma: Aurobindo Pharma, Cipla, and Glenmark Pharmaceuticals.

Defence: BEL, HAL, and Cochin Shipyard.

IT: TechM, HCL Tech, Wipro, and Infosys.

Textile: Trident and Welspun Living.

Auto and Auto Ancillary: Eicher Motors, Tata Motors, TVS Motor, Bajaj Auto, JBM Auto, Bosch, Amara Raja, and Exide Industries.

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