Nifty Pharma index slips; Sun Pharma, Glenmark stocks drag

Shares of Sun Pharma dropped ~4% in today’s trade and among top losers on the Nifty index.

Jun 11, 2019 06:06 IST India Infoline News Service

pharma index
The Nifty Pharma index was trading in red at 8,210.25 levels on Tuesday. Glenmark, Dr Reddy’s, Cadila, and Biocon slipped in today’s trade, while Aurobindo Pharma, Cipla, Piramal, and Lupin gained on Tuesday’s session.

Shares of Sun Pharma dropped ~4% in today’s trade and among top losers on the Nifty index. The stock came under pressure after global brokerage firm Goldman Sachs downgraded to sell and cut the target price from Rs437 to Rs355.

The global financial firm attributed the downgrade to the company's spending in speciality pharma which will impact the company's profit growth, the media report stated.

Meanwhile, the Sensex was trading at 39,913 levels, up 128 points, while the Nifty was trading 32 higher at 11,955 levels. The market breadth was negative on the NSE with 721 shares advancing, 958 shares declining, and 413 remaining unchanged.

Shares of Jet Airways, Sintex Plastics, Eros Media, McLeod Russel, Kwality, Opto Circuits, Manpasand Beverages, Mercator, Aban Offshore, Castex Technologies, Reliance Infra, Reliance Communications, Radico Khaitan, Kolte-Patil Developers and Coffee Day Enterprises among others hit a 52-week low on the BSE.

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