Nifty Pharma under selling pressure; Alkem, Torrent Pharma, Lupin weigh down

Heavyweight Divis Lab was the top gainer by 0.23% at Rs4,312.20.

Jun 18, 2021 11:06 IST India Infoline News Service

Businessman sleeping with bear with down trend graph
Nifty Pharma bounces back in the red, after fresh opening of markets in the green. As benchmark indices erased opening gains and were trading near the day's low dragged by the major indices metal, power and oil & gas. The pharma index witness steep selling pressure led by Alkem Lab, Torrent Pharma, Cadila Heathcare.

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%.

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