Brussels, Nov 27 | EU to lift authorisation requirement for vaccine exports. The European Union will not renew its mandatory approval system for Covid-19 vaccine exports when it expires at the end of the year, the European Commission has said.
This means that vaccine producers will no longer have to request authorisation to export vaccines outside the EU.
The export authorisation mechanism will be replaced from January 1, with a “new monitoring mechanism that will provide the Commission with timely, company-specific, vaccine export data.”
The Commission said on Friday that the decision is part of the EU’s effort to ensure rapid production, and wide and equitable distribution of the Covid-19 vaccines that the world urgently needs, Xinhua news agency reported.
“The EU is the biggest global provider of Covid-19 vaccines, with over 1.3 billion doses exported so far, more than half of its production,” the Commission said. “The EU will also donate at least 500 million doses to the most vulnerable countries over the next few months.”
The 27-nation bloc has fully vaccinated 68 per cent of its population of 445 million, and has ample stocks for booster campaigns. Such campaigns have already started in several member states.
“With new outbreaks of the virus in the EU and the risk of new variants of the Covid-19 virus, there is still a need for transparency of exports of vaccines, which the EU will continue to do under the new monitoring mechanism,” the Commission emphasised.
The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.
Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.
In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.
Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.