Sagent Pharma Recalls Seizure Drug Levetiracetam Injection

Gold Dips On Rate-hike Worries

Gold prices eased on Tuesday, bond yields continued to rise and the dollar hovered near a four-and-a-half-year high against the yen after Jerome Powell was re-nominated for another term as chair of Federal Reserve.

Spot gold dipped 0.4 percent to $1,797.55 per ounce, while U.S. gold futures were down half a percent at $1,797.20.

If Fed Governor Lael Brainard had been nominated for the top Fed position, many expected more dovish monetary policy.

Powell has been supportive of taking action to help fight soaring inflation. His nomination provided a little bit more legitimacy to market pricing in terms of policy tightening next year.

Traders also ramped up their bets on an ECB rate hike next year after ECB policymaker Francois Villeroy de Galhau, said on Monday that the central bank is “serious” about ending its emergency bond-buying program in March and may not need to expand regular asset purchases to cover the shortfall.

Separately, board member Isabel Schnabel said today that the risks to inflation are skewed to the upside and that plans to end pandemic emergency bond buys remain valid.

Gold plunges ₹810; silver cracks ₹1,548

Gold; plunged ₹810 to ₹46,896 per 10 gram; Silver cracked ₹1,548 to ₹62,720 per kilogram

Gold in the national capital on November 23 plunged ₹810 to ₹46,896 per 10 gram reflecting an overnight decline in international precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had settled at ₹47,706 per 10 gram.

Silver also cracked ₹1,548 to ₹62,720 per kilogram from ₹64,268 per kilogram in the previous trade.

"Spot gold prices for 24-carat gold at Delhi plunged ₹810 reflecting an overnight decline in COMEX gold prices despite rupee depreciation," according to HDFC Securities, senior analyst (commodities), Tapan Patel.

In the international market, both gold and silver were trading flat at $1,806 per ounce and $24.05 per ounce, respectively.

Sensex rebounds 198 points; Nifty tops 17,500

PowerGrid was the top gainer in the Sensex pack, rising around 4%

Equity benchmark Sensex ended 198 points higher on Tuesday, tracking gains mainly in power, telecom and pharma stocks.

After plunging over 700 points in early trade, the 30-share index pared all losses to settle 198.44 points or 0.34% higher at 58,664.33.

Similarly, the NSE Nifty rose 86.80 points or 0.50% to 17,503.35.

PowerGrid was the top gainer in the Sensex pack, rising around 4%, followed by NTPC, Tata Steel, Bharti Airtel, Sun Pharma and Bajaj Finserv.

On the other hand, IndusInd Bank, Asian Paints, Infosys, Bajaj Auto and Maruti fell up to 2.59%.

"Domestic equity market clawed its way out of the recent downslide boosted by metal, PSU bank and pharma stocks with mid and small caps outperforming the benchmark indices," said Vinod Nair, Head of Research at Geojit Financial Services.

"US markets witnessed a late sell-off yesterday despite the re-nomination of Jerome Powell as the Fed chair. Oil and gas indices remained under pressure amid reports of the U.S. releasing its emergency oil reserves to keep the rising crude oil prices under control," he added.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with losses, while Shanghai and Tokyo were positive.

Stock exchanges in Europe were in the red in mid-session deals.

Meanwhile, international oil benchmark Brent crude fell 1.02% to $78.89 per barrel.

Oil Prices Slip On Supply Release Expectations

Oil prices fell more than 1 percent on Tuesday ahead of the expected release of U.S. crude reserves to cool the market.

Demand concerns also weighed due to the resurgence of Covid-19 cases in Europe.

Benchmark Brent crude futures fell 87 cents, or 1.1 percent, to $78.83 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down $1.11, or 1.4 percent, at $75.66 a barrel.

On Monday, prices rose more than 1 percent after comments by OPEC delegates that they could adjust their monthly output hike if governments choose to tap state oil reserves.

A White House official confirmed Monday night that President Biden will announce on Tuesday a plan to release oil from the Strategic Petroleum Reserve, in coordination with other countries such as China, India and Japan to lower energy prices.

India plans to release about 5 million barrels of crude oil from its emergency stockpile, starting as early as 7-10 days, a top government official reportedly said earlier today.

While a release from reserves is expected to have only a temporary impact on prices, a new wave of lockdowns in Europe to halt the spread of Covid-19 could weigh on economic and oil demand growth, analysts have said.

Sagent Pharma Recalls Seizure Drug Levetiracetam Injection

Sagent Pharmaceuticals, Inc. is recalling four lots of seizure drug Levetiracetam Injection, USP, to the user level across the United States, the U.S. Food and Drug Administration said.

According to the regulator, the lack of container closure integrity, found in reserve sample vials, may result in a non-sterile product.

The recall involves Levetiracetam Injection, USP 500 mg per 5 mL, which is used in the treatment of certain types of seizures. The product is packaged in a 5mL single-does vial, and was distributed across the country from March to November 2021.

Intravenous administration of a product intended to be sterile that is not sterile could result in serious systemic infections which may be life threatening.

However, the company has not received reports of any product complaints or adverse events associated with the issue to date.

The affected customers have been instructed to examine their inventory immediately and to quarantine, discontinue distribution of, and return as directed the recalled lots of product.