According to the experts, in spite of restrictions imposed in Q1, the GDP growth in FY22 is likely to touch 9.5% with above 25% growth in corporate earnings. Lockdowns imposed by the states in April and May to contain the second wave of the deadly COVID-19 pandemic has likely led to the economy contracting 12% in the June quarter as against 23.9% contraction in the same quarter in 2020, says a UBS report.
At around 11.15 AM, Nifty Pharma performs at 13,988.10 down by 93.50 points or 0.66%. The index has touched an intraday high of 14,194.90 and intraday low of 13,987.20 on Friday.
Alkem Labs was the top underperformer plunging 2.59%, while Torrent Pharma dived 2.26%. Auro Pharma and Cadila Healthcare dipped more than 1.5% each.
Major stocks like Biocon, Lupin, Sun Pharma dived nearly 1% each.
However on the upside, stocks like Divis Lab, Cipla and Dr Reddy's were marginally up struggles to lead the gains.
Heavyweight Divis Lab was the top gainer by 0.23% at Rs4,312.20
Meanwhile, India reports 62,480 new cases in last 24 hours and Recovery Rate increases to 96.03%.