Pharma stocks under pressure as heavyweights Cadila, Sun Pharma drag

Pharma stocks were trading lower on Thursday as nvestors overall were cautiously after Joe Bin was sworn in as new US President. Torrent Pharma led the gains while Cadila was the biggest laggard.

The Nifty Pharma Index shed early gains to face selling pressure. At around 1.22 pm, Nifty Pharma was trading at 12,842.95 down 38.25 points or 0.30%, after touching a high of 12,967.10 and low of 12,832.25 on Thursday.

Torrent Pharma stock was going strong at at Rs2,782.50 per piece up Rs 60.35 or 2.22%, While Alkem Lab, Divis Lab held on to gains, on the other hand, Dr Reddy was also marginally in the green zone.

Cadila stock was under selling pressure, shedding 1.78% to trade at Rs477.55 per piece. 

Sun Pharma was 1% lower to drag the index. Sun Pharma board will meet on January 29 to consider declaration of Interim Dividend on the equity shares of the Company, for the financial year 2020-21.

Auro Pharma was also 0.88% on the downside. Cipla (down 0.75% and Lupin (down 0.65%) also traded in the red.

Biocon was also struggling ahead of declaring quarterly results on Thursday. It was trading at Rs447.55 per piece down Rs2.25 or 0.50%.