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Nifty Pharma rallies over 1.5%; Glenmark, Strides Pharma outperform

Laurus Labs was 3.5% higher while Granules also advanced 3.5%. IPCA Labs, Alkem Lab, and Divis Lab also rose over 2% to further push the sector.

November 23, 2021 1:05 IST | India Infoline News Service
Nifty Pharma rallied amid market flip flop on Tuesday. The Index after starting the week on a weaker note on Monday rose, and today it rose nearly 2% to help overall markets trade in the green. Glenmark Pharma lifted the spirits by surging 8% while Strides Pharma Science also advanced 5%.

Domestic stocks opened gap-down on Tuesday, following a late selling in US stocks overnight, even as US President Joe Biden re-nominated Jerome Powell as the US Fed Chair for the second term. Asian markets were largely mixed, the dollar index was steady while oil prices fell in morning trade.

Sensex back in red amid market flip flop; Nifty below 17,500; metals ride global rally; most sectors move up. At around 1.05 pm, BSE Sensex was trading at 58,419.74 down 46.15 points or 0.08% and Nifty50 at 17,423.40 up 6.85 points or 0.04%. Nifty Pharma was trading at 13,447.15 up 201.80 points or 1.52%, touching a high of 13,479.40 and low of 13,152.55 during intraday trade on Tuesday.

Glenmark skyrocketed over 7.5% at Rs504.65 per piece. S&P upgraded Glenmark to 'BB' on the expectation of conservative debt levels. The outlook is stable reflecting the view that Glenmark will maintain its financial policy such that its FFO-to-debt ratio will remain comfortably above 30%, S&P said

Strides Pharma Science rose over 4.3% at Rs499.35 per piece to emerge among the top gainers in the sector.

Laurus Labs was 3.5% higher at Rs488.40 per piece while Granules also advanced 3.5% at Rs313.80 per piece.

IPCA Labs, Alkem Lab and Divis Lab also rose over 2% to further push the sector. Biocon and Torrent Pharma also were over 2% on the upside. Auro Pharma, Apollo Hospitals Enterprises and Sun Pharma also rose between 1.6% to 1.3% higher.  

Cadila Healthcare Limited was 1.3% up at Rs462.35 per piece. Zydus Cadila today announced that it has submitted the New Drug Application (NDA) to the Drug Controller General of India for Desidustat, an oral small molecule hypoxia-inducible factor prolyl hydroxylase (HIF-PH) inhibitor for treatment of anaemia in patients with Chronic Kidney Disease (CKD) who are on Dialysis and Not on Dialysis.

Lupin and Cipla also advanced over 1%. Gland Pharma dragged the most, nearly 0.8% at Rs3,512.85 per piece. Pfizer was marginally lower as the Pharma sector had 18 advances and 2 declines on Tuesday.

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