BSE Sensex and Nifty50 scaled fresh all-time highs on Wednesday before turning bearing in the afternoon. At around 3.00 pm, BSE Sensex was trading at 55,531.97 down 260.3 points or 0.47% and Nifty50 at 16,541.80 down 72.80 points or 0.44%.
Nifty Pharma was trading at 14,076.40 up 35.15 points or 0.25%, after touching a high of 14,184.15 and low of 14,024.70 during intraday trade.
Cadila stock gained 2.6% at Rs543.90 per piece. The drug major informed that it received tentative approval from the US-based drug regulator to market lenalidomide capsules in the multiple strengths.
Alkem Lab was also nearly 2.6% higher at Rs3,798.25 per piece to give the sector a boost. Torrent Pharma gained 1.2% while Biocon was also nearly 1% higher. Cipla and Divis Lab were also trading in the green.
Shares of Aurobindo Pharma hit a fresh 52-week low of Rs716 per piece on Wednesday, The stock was selling 1.1% down at Rs723.60 per piece. The stock of the pharmaceutical company has declined over 12% in the past three trading days after the company reported a disappointing operational performance in the June 2021 quarter (Q1FY22),
Sun Pharma was 0.25% lower while DR Reddy's and Lupin were trading flat.