Nifty Pharma holds steady post RBI policy; Cadila, Torrent Pharma, Lupin add to gains

In last 24 hours, India recorded 1.30 lakh fresh covid cases and 2,713 deaths.

Jun 04, 2021 11:06 IST India Infoline News Service

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Benchmark indices were trading volatile with Nifty above 15700 after Reserve Bank of India (RBI) kept the repo rate unchanged at 4 percent and reverse repo rate unchanged at 3.35% with accommodative monetary policy stance.

Nifty Pharma index stays steady on Friday post RBI announcements. As the 2nd Covid-19 wave continues to recede in India and pace of vaccination picks up, investors expect the long term fundamentals to remain intact.

Prime Minister Narendra Modi on Thursday spoke to Vice President Kamala D Harris after US President Joe Biden promised to share the first 25 million doses with India and other countries experiencing surges.

PM Modi also expressed his appreciation for the assurance of vaccine supplies to India as part of the US Strategy for Global Vaccine Sharing, under which India is expected to get the first batch of doses by the month-end.

At around 11:15 AM, the Nifty Pharma was trading at 14,141.40, up 36.30 points or 0.26%, touching a high of 14,156.65 and low of 14,050.45 during intraday trade on Friday.

The sector has been doing well in recent times with huge demand in Covid-19 drugs and vaccines due to rising cases in India.

Cadila Healthcare surged 1.42% at Rs643.40 per piece to lift the performance of the sector. Torrent Pharma, Lupin and Sunpharma also advanced around 0.5% -1% to support the sector. 

Divis Lab and Cipla also traded in the green. 

On the contrary, heavyweight Dr Reddys sank 0.34% at Rs5,264.80 per piece to drag while Alkem Labs also dropped 0.26% on Friday. 

Biocon and Auro Pharma was also trading on marginally downside.
 
In last 24 hours, India recorded 1.30 lakh fresh covid cases and 2,713 deaths.
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