Pharma Stocks Buzzing In Stocks Market Ready To Rally

Nifty Pharma stocks continued the rally to lead gains amid volatile trade. Dr. Reddy’s, Strides Pharma. Alkem Lab, Pfizer,  and Divis Lab led the gains. Cipla, Granules India and Lupin were trading in the red. Sun Pharma was trading flat.

Sensex and Nifty50 started Wednesday’s session on a positive note tracking three-week highs in other Asian markets following an overnight surge in Wall Street indices. Investors remained focused on news updates about the Russia-Ukraine war and rising coronavirus infections in China.

The pharma stocks have come back in focus amid the recent up moves. The pricing pressure in the US seems to be off, while high raw material costs and logistics costs may have some impact. The India business may return to near normal quarter. Nithya Balasubramanian, Director – India Healthcare, Sanford Bernstein, and Industry Expert Kewal Handa discuss the recent trends in the pharma sector and their outlook going ahead.

Shares of Alkem Laboratories (up 2.78 per cent), Strides Pharma Science (up 2.73 per cent), Torrent Pharmaceuticals (up 2.49 per cent), Gland Pharma (up 2.42 per cent) and Dr Reddys Laboratories (up 2.41 per cent) ended the day as top gainers in the pack.

On the other hand, Cipla (down 1.76 per cent), Sun Pharmaceutical Industries (down 1.45 per cent), Lupin (down 1.45 per cent), Natco Pharma (down 1.36 per cent) and Ipca Laboratories (down 0.85 per cent) finished as the top losers of the day.

Benchmark NSE Nifty50 index ended down 69.85 points at 17245.65, while the BSE Sensex stood down 304.48 points at 57684.82.

Among the 50 stocks in the Nifty index, 22 ended in the green, while 28 closed in the red.