The Nifty Pharma index rose 1% amid buying interest seen in Sun Pharma
and Piramal Enterprises. Dr. Reddy’s, Divi’s Lab, and Lupin also gained in today’s session.
On the flip side, Aurobindo Pharma slipped 2%, and Glenmark
, Biocon, Cipla and Cadila also fell in today’s trade.
Shares of Sun Pharmaceutical Industries rallied 3% after the company received a rare double upgrade from global research house Morgan Stanley. The brokerage upgraded stock to overweight and raised price target to Rs505 from Rs470 per share, implying 24% potential upside as it expects a revival in earnings FY21 onwards, as per media reports.
Shares of Indoco Remedies
were down 5% after the company has received a warning letter from the USFDA for its Oral Dosages Plant
, situated at L -14, Verna Industrial Road, Goa (Plant I), as a result of the inspection carried out in January 2019.
Meanwhile, equity benchmark indices oscillated between gains and losses in afternoon trade as selling pressure was seen in L&T, ITC, HDFC Bank and ICICI Bank. However, the stock market bounced back after hitting fresh intraday low led by Infosys, Kotak Mahindra Bank, Sun Pharma and Maruti.
The Volatility gauge, India VIX was up 2.72% at 12.32.
The most active stocks on the NSE are Infosys
, Yes Bank and IndusInd Bank.