Nifty Pharma recovers early losses; Sun Pharma surges 2% to boost the Index

Alkem Lab and Torrent Pharma dragged the most. Lupin also struggled while DR Reddy’s also remained under pressure post Q1 earnings.

Jul 29, 2021 02:07 IST India Infoline News Service

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Nifty Pharma stocks recovered early losses however traded on a flat note despite bullish markets on Thursday. Sun Pharma surged 2% to push up the sector while Alkem Lab and Torrent Pharma weighed down on the index the most. Lupin also struggled while DR Reddy’s continued to remain under pressure post Q1 earnings.

The pharma stocks witnessed sharp correction for the last two days. The Nifty Pharma index declined around 6 percent with large-cap pharma stocks cracking down by 5-10 percent in the last two trading sessions, while midcaps pharma companies holding on to slight gains.

At around 2.05 pm, Nifty Pharma was trading at 13,953.00 down 11.75 points or 0.08%, after touching a high of 14,072.60 and low of 13,834.85 during intraday trade.

BSE Sensex was trading at 52,757.73 up 314.02 points or 0.60% and Nifty50 at 15,808.20 up 98.80 points or 0.63%.

Sun Pharma gave the index a boost by gaining 1.92% at Rs701.00 per piece. Biocon gained 0.55% while Cadila was marginally higher.

Alkem Laboratories remained pressure on Thursday as the company has informed that USFDA had conducted a remote and virtual Bio-Analytical inspection of the Company’s Bioequivalence Center located at Taloja, Maharashtra. The inspection was held from July 26, 2021 to July 28, 2021. The company stock was 1.4% down at Rs3,324.95 per piece. 

Torrent Pharma also shed 1.4% at Rs3,041.80 per piece while Lupin dropped 1.2% at Rs1,090.00 per piece.

Dr. Reddy's Laboratories remained under pressure post Q1 earnings. It was trading at Rs4,688.25 per piece, down 0.9%. The company's Q1 PAT was lower at Rs380cr yoy on account of impairment provisions of Rs184cr. 

Cipla declined 0.7% while Auro Pharma and Divis Lab also traded in the red. 

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