Nifty Pharma shines despite weak markets; Divi's Labs top bull; Heavyweights Dr Reddy's, Cadila, Lupin lift the index

Divi's Laboratories outperforms on the index surging by 1.33% at Rs3,963.00 per piece.

Apr 30, 2021 11:04 IST India Infoline News Service

On Friday trading session, despite weak markets amid global cues, along with other major sectorals of Nifty, Pharma stocks were trading in the green lifting Nifty 50 benchmark up. The market is taking cues from the second wave experience of other countries where the Covid second wave curve flattened & fell in around two months. This explains the resilience of the market in the midst of very negative Covid-related news.

Amid corona pandemic, Bharat Biotech has also announced a reduction of its per dose price from Rs600 to Rs400 for States.

This comes a day after Serum Institute of India reduced the price of Covidshield from Rs400 to Rs300 for states.

At around 11.25 AM, Nifty Pharma performs at 13,378.00 up by 79.35 points or 0.06%. The index has touched an intraday high of 13,442.015 and intraday low of 13,263.35 during early trading session on Monday.

On the trading index, Nifty Pharma trades bullish with 9 scrips were in advancing note whereas only 1 scrip was performing in the decling note.

Divi's Laboratories outperforms on the index surging by 1.33% at Rs3,963.00 per piece.

Dr Reddy's, Cadila Heathcare and Aurobindo Pharma also join the bullish trade by gaining nearly 1% each on the index. On Thursday, Dr. Reddy's Laboratories announces the launch of Albendazole Tablets, USP in the U.S. Market.

Torrent Pharma and Alkem Laboratories were also trading maginally higher.

Heavyweight Lupin was also trading in the upside at Rs1,058.45 per piece, lifting the index along with Cipla surging by 0.2%.

Biocon was the only top laggad of the index tumbling by nearly 2% at Rs386.55 per piece. On account of the uncertainty created by an unprecedented second wave of the COVID-19 pandemic and the continued investments in R&D and Capex, the Board of Directors of Biocon has decided that it would not be appropriate to declare a dividend for FY21.

In last 24 hours India registered 3,86,452 covid cases and more than 21 lakh vaccination doses were administered in the last 24 hours.

Related Story

Open Free Demat Account (Rs699)