Nifty Pharma sees late upswing; Alkem Lab, Cadila outperform

DR Reddys was under pressure to emerge as the biggest laggard.

Sep 23, 2021 02:09 IST India Infoline News Service

The Nifty Pharma stocks remained flat during intraday trade on Thursday despite a bull ride from overall markets led by Realty, Banking, and Financial Services stocks. The Index saw some upswing towards last hour of trade on Thursday with Alkem Lab and Cadila pushing up the pharma sector. DR Reddys was under pressure to emerge as the biggest laggard.

The stock market took the US Fed statement of starting tapering as soon as November in its stride and climbed higher on Thursday. Positive news on the Evergrande crisis also cleared some uncertainty, boosting morale.

At around 2.50 pm, BSE Sensex was trading at 59,854.29 up 926.96 points or 1.57% and Nifty50 at 17,820.65 up 274.00 points or 1.56%. Nifty Pharma was trading at 14,377.10 up 42.85 points or 0.30%, hitting a high of 14,407.05 and low of 14,311.30 during intraday trade on Thursday.

Alkem Lab is riding high on confidence from the company’s healthy growth in the domestic formulations business. It hit fresh 52-week high of Rs3,957.00 per piece on Thursday. Ity was trading at Rs3,949.95 per piece, up 1.42%.

Cadila rose 1.2% at Rs567.95 per piece to lift the sectorial performance. Divis Lab also gained nearly 1%.

Aurobindo Pharma Limited was 0.5% higher. The company has announced that its subsidiary CuraTeQ Biologics Pvt Ltd. (CuraTeQ) has submitted Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for BP14, an oncology biosimilar product.

Torrent Pharma, Biocon, Sun Pharma and Lupin also traded in the green. 

Dr Reddys Laboratories was 1.6% on the downside at Rs4,795.00 per piece. The company has allotted 2,304 equity shares of Rs.5/- each of the Company under ESOP on September 22, 2021.

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