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ICICIdirect Research Posted on 09:40am 23-Nov-2021

Petroleum Ministry said that oil & gas production from existing fields needs to be increased through employing...

* Market Outlook

Indian markets are likely to open on a negative note on the back of weakness across global markets as Jerome Powell’s renomination to head the Federal Reserve fuelled bets on quicker policy tightening.


*  Markets Yesterday

• Domestic markets ended sharply lower tracking losses across sectors amid news flows.

• US markets ended mixed on the back of losses in technology stocks amid nomination of Jerome Powell for Federal Reserve chair.


* Key Developments

• According to media sources, Department of pharmaceuticals is looking to provide additional funds of ~ |3,000 crore under the scheme for pharmaceutical drugs to support the domestic production of raw materials required for vaccine production.

• Fitch Ratings has affirmed ratings for various public sector banks, including Bank of Baroda (BoB), State Bank of India (SBI) and Punjab National Bank (PNB), at 'BBB-' with the outlook being negative, as reported in mint.

• According to Financial Express, India is in discussion with other major countries regarding release of crude oil from its strategic petroleum reserves. India has 5.3 MMT of crude oil reserves.

• Spandana Sphoorty Financial’s board has appointed Shalabh Saxena as the MD and CEO for a period of five years and Ashish Damani as the CFO. Abanti Mitra, independent director, has been appointed as non-executive chairperson as reported in Bloomberg.

• Paytm Payments Bank Limited (PPBL) has launched a physical prepaid card that is directly linked to a user’s Paytm wallet. Users can just top up the wallet to use the card and do not need to create a separate account. The card also enables the withdrawal of money from ATM as per business standard.

• The Petroleum Ministry said that oil & gas production from existing fields needs to be increased through employing advanced technology and involvement of private sector companies in transparent manner. It added that ONGC needs to prepare a plan and decide on ways to increase domestic production.


*  Today's Highlight

Events: US Services PMI, US Manufacturing PMI, US Composite PMI.