Nifty Pharma defies bull run, trades lower as Alkem, Sun Pharma, Biocon drag; Dr Reddy's top gainer

Nifty Pharma was among top laggards on NSE with 7 scrip declining and 3 advancings.

Aug 04, 2021 01:08 IST India Infoline News Service

Bear Market
Pharma company stocks were broadly under pressure as concerns over the rapid spread of Delta variant in the coronavirus pandemic takes centre stage globally hinting for restrictions and slowdown in economic growth recovery. Nifty Pharma was among top laggards on NSE with 7 scrip declining and 3 advancings.

At around 1.29 PM, Nifty Pharma was trading at 14,604.10 down by 43.75 points or 0.30%. The index has touched an intraday high and low of Rs14,743.30 and Rs14,562.35 per piece respectively.

The index was dragged by Alkem Lab as the top underperformer plunging 2.3% followed by heavyweights Sun Pharma and Biocon slipping 1.3% and 1% respectively.

Aurobindo Pharma and Divis Lab dived by 0.8% and 0.7%. Cadila Healthcare was marginally down.

On the other hand, Dr Reddy's Lab was the top gainer on the index soaring 1.2% followed by Cipla and Lupin surging by 0.9% and 0.7%.

Dr Reddy's has re-launched over-the-counter (OTC) Naproxen Sodium Tablets USP, 220 mg, the store-brand equivalent of Aleve, in the U.S. market, as approved by the U.S. Food and Drug Administration (USFDA).

According to the Ministry of Health and Family Welfare, India reports 42,625 new cases in the last 24 hours. While 36,668 patients recovered during the last 24 hours. Meanwhile, 48.52cr Vaccine Doses administered so far under Nationwide Vaccination Drive.

The delta variant has become a matter of concern, especially in China as the country reports the most active Covid-19 cases since January as some cities in the region announced restrictions, trimmed flights and increased virus testing to tackle the outbreak driven by the Delta variant.

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