Nifty Pharma in a huge selloff, nosedives 1.5%; Aurobindo, Biocon, Sun Pharma laggards

On the index, major laggards were - Aurobindo Pharma, Biocon and Sun Pharma tumbling over 2% each.

Nov 25, 2020 09:11 IST India Infoline News Service

Pharma stocks witnessed huge selling pressure on Wednesday, dragging overall benchmarks like Sensex and Nifty. Investors were of split opinions as worries of rising in the pandemic and fresh lockdown fear took a toll, while optimism for Covid-19 vaccine progress continues to sway sentiments.

At around 2.46 pm, Nifty Pharma was trading at 11,706.75 down 174.05 points or 1.46%. The index has touched the day's low of 11,655.20.

On the index, major laggards were - Aurobindo Pharma, Biocon and Sun Pharma tumbling over 2% each.

While Torrent Pharma, Dr Reddy's Lab, Cipla and Cadila Healthcare plunged between 1-1.5%.

Divis Lab and Lupin also slipped between 0.20-0.80%.

Lupin today launched Tacrolimus Capsules USP, 0.5 mg, 1 mg, and 5 mg, after Lupin’s alliance partner Concord Biotech Limited (Concord) received approval for its ANDA from the USFDA.

However, Alkem Laboratories was the only gainer on the index, surging by nearly 1%.

The Ministry of Health and Family Welfare today said, "India has demonstrated a consistent increase in the COVID-19 testing infrastructure since Jan 2020 resulting in an exponential increase in its testing numbers." Adding the ministry stated that with 11,59,032 tests conducted in the last 24 hours, the cumulative tests are nearing 13.5cr (13,48,41,307).

The ministry added, comprehensive and widespread testing on a sustained basis has resulted in bringing down the positivity rate. The progressive decline in national cumulative positivity rate has demonstrated that the rate of spread of infection is being effectively contained. The cumulative positivity rate has been steadily falling and has touched 6.84% today.

Related Story