Nifty Pharma reverses bearish trend, holds steady; Torrent Pharma, Alkem, Divis Lab led the pack; Lupin tumbles

India continues to report a sustained slide in the daily new COVID cases.

Jun 14, 2021 02:06 IST India Infoline News Service

Bear Versus Bull Silhouette
Nifty Pharma bounces back in the green, however, with a marginal upside led by Torrent Pharma, Alkem Lab, Divis Lab and Cipla. The gains in the index were limited due to steep selling pressure in Lupin. The index has touched an intraday high and low of 14,525.35 and 14,217.45 respectively.

At around 2.39 pm, Nifty Pharma was trading at 14,474.70 up by 10.65 points or 0.07%.

Also, the improved decline in the Coronavirus pandemic has further lifted sentiments. India continues to report a sustained slide in the daily new COVID cases. The country has reported 70,421 Daily New Cases in the last 24 hours - lowest after 74 days. Less than 1 lakh Daily New Cases have been reported for 7 continuous days now.

The Ministry of Health and Family Welfare today said that as more people are getting recovered from COVID-19 infection, India’s Daily Recoveries continue to outnumber the Daily New Cases for 32 consecutive days now. 1,19,501 recoveries were registered in the last 24 hours.

On Nifty Pharma, Torrent Pharma led the pack by surging 3.5%. Alkem Lab and Divis Lab followed with more than 1% each upside.

Cipla surged by 1%, while Dr Reddy's Lab climbed by 0.4%.

Lupin was the top bear on the index plunging by 3% after the company received a warning letter from the U.S. FDA for the Company’s Somerset, New Jersey facility. The USFDA had inspected the Lupin Somerset site from September 10, 2020, to November 5, 2020.

Cadila Healthcare dipped by 1.4%, while Aurobindo Pharma and Biocon shed nearly 1% each. Sun Pharma was down by 0.5%. 

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