Nifty Pharma joins bear markets; Index sheds 1%; Strides, Granules soar while Gland Pharma, Laurus Labs emerge laggards

Dr Reddy's also shed 2.65% while Glenmark and Lupin also were around 1.8% on the downside. IPCA Labs, Pfizer, and Cadila were also under heavy pressure.

Oct 21, 2021 01:10 IST India Infoline News Service

Businessman protect his piggy bank from bear market
Nifty Pharma shed 1% to go with bearish markets on Thursday. Strides Pharma zoomed 4% amid gloom in the sector while Granules India Limited also gained over 2%. Gland Pharma shed 5% while Laurus Lab also weighed down. Dr. Reddy’s and Lupin also registered heavy losses.

Domestic stocks gave up all of their initial gains and fell sharply for the third consecutive session as investors’ risk appetite remains muted. The losses were led by shares of information technology companies.

At around 1.05 PM, BSE Sensex was trading at 60,889.01 down 370.95 points or 0.61% and Nifty50 at 18,167.60 down 99.00 points or 0.54%. Nifty Pharma was trading at 14,033.05 down 144.30 points or 1.02% hitting a high of 14,306.15 and low of 14,026.00 during intraday trade on Thursday. The sector is also in focus amid September 2021 quarter ending earnings seasons.

Strides Pharma Science surged 3.7% higher at Rs562.70 per piece. The pharma company has completed the acquisition of manufacturing facility in the US along with basket of ANDA from Endo International plc.

Granules India gained over 2% at Rs323.95 per piece. Earlier this week, Granules India announced that the USFDA has approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc. for dofetilide capsules.

Gland Pharma dragged the most by tanking 51.6% at Rs3,360.20 per piece. Laurus Labs was 4.2% lower at Rs574.25 per piece. Dr Reddy's also shed 2.65% at Rs4,628.55 per piece. Glenmark and Lupin also were around 1.8% on the downside. IPCA Labs, Pfizer and Cadila were also under heavy pressure.

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