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