Nifty Pharma defies broader bearish markets trend; Index tops 1% as Cipla, Sun Pharma and Divis Lab shines

Auro Pharma and Alkem Lab were also bullish to drive all positive trade for the Nifty Pharma companies.

Mar 24, 2021 12:03 IST India Infoline News Service

Bull Market
Nifty Pharma Index bucked the weak trend to gain over 1% and provide support to the weak markets. Heavyweights Cipla Divis lab, and Sun Pharma lifted the sector while Auro Pharma and Alkem Lab were also bullish.

Markets globally and in India as well are struggling as Covid-19 cases are going up globally and that is a major concern. Nifty Pharma however stayed clear of markets bears to emerge as hope amid the gloomy picture.

After a gap-down start, at around 12.58pm, Nifty Pharma was trading at 12,017.25 up 110.05 points or 0.92%, hitting a day’s high of 12,053.55 so far during intraday trade on Wednesday.

Cipla surged ~2% at Rs791.00 per piece. Cipla Therapeutics, a division of Cipla USA, Inc., an affiliate of Cipla and SIGA Technologies, Inc. (SIGA), a commercial-stage pharmaceutical company focused on the health security market, announced entering into a strategic partnership to deliver sustained innovation and access to novel antibacterial drugs, particularly against biothreats.

Auro Pharma stretched the winning streak. It was trading 1.35% higher at Rs857.60 per piece.

Alkem Lab also gained 1.17% at Rs2,627.95 per piece. Alkem Laboratories has agreed to partner with Tata Memorial Centre (TMC) to establish an advanced Radiotherapy Facility as a part of the Homi Bhabha Cancer Hospital and Research Center (HBCHRC), Muzaffarpur.

Sun Pharma also advanced ~1% at Rs593.40 per piece. 

Cadila rose 0.72% at Rs434.25 per piece. Cadila Healthcare Ltd and its unit Zydus Pharmaceuticals (USA) Inc. said announced that they have reached an agreement with Celgene Corp. (Celgene), a wholly owned unit of Bristol Myers Squibb relating to patents for Revlimid (lenalidomide).

Divis Lab gained 0.69% at Rs3,520.00 per piece. Lupin and DR Reddys also advanced 0.67% and 0.57% respectively. Biocon was trading 0.55% higher while Torrent Pharma was flat.

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