Nifty Pharma under pressure post vaccination drive announcements; Lupin, Dr Reddy's top bears

Biocon and Torrent Pharma were only gainers to support the index.

Jun 08, 2021 11:06 IST India Infoline News Service

Stock quotes and silhouette of a bear
Pharma stocks extended losses during Tuesday's morning trading session with heavyweight Cadila, Lupin, Dr Reddy's emerging as top underperformers post PM Modi address to the nation regarding vaccination drive. 

On Monday, PM Modi addressed to the nation that 75% of the vaccine capacity will be procured by the Central Government and 25% is open for private hospitals to procure. All vaccines procured by the Centre will be provided free of cost to all states from 21st June 2021, for people above the age of 18 years. Also, private sectors cannot charge a service charge of more than Rs150 over and above the MRP of the vaccine. 

At around 11.20 AM, Nifty Pharma performs at 13,980.45 down by 88.55 points or 0.63%. The index has touched an intraday high of 14,081.60 and intraday low of 14,920.20 on Tuesday. Along with Nifty metals, banking stocks, pharma stocks was also under pressure.

Cadila Healthcare was the top underperformer of Nifty Pharma slipping by 2.59% followed by Sun Pharma and Dr Reddy's diving by over 1% each.
Stocks like Lupin, Auro Pharma recorded nearly a 1% drop each. Cipla plunged by near 0.5% at Rs936 per piece.
Divis Lab and Alkem Labs were also trading marginally down dragging the sector.
However, Biocon and Torrent Pharma were only gainers to support the index.

Biocon was trading at Rs395.65 per piece higher by 1.70% along with Torrent Pharma surging by 0.29%.

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