Nifty Pharma and Healthcare index in focus post Union Budget FY23 announcement; Sun Pharma, Laurus Labs, Aurobindo Pharma rally

1 Feb 2022 , 01:30 PM

Nifty Pharma and Healthcare index rose around 1.3% to stabilize the markets along with bullish metal stocks in view of Union Budget 2022-23 which was presented by Finance Minister Nirmala Sitharaman on Tuesday’s parliament session.

Indian markets erased early gains and witnessed volatile trend as the expectations of Union Budget weighed on investors’ sentiment. However, the performance comes after the technology industry takes centre-stage in Health Budget.

Further, investor sentiments are high as they had expected more positive outcomes regarding tax reforms to investment boost from the budget session.

At around 1:30 PM, Nifty Pharma performs at 13,352.30 up by 172.40 points or 1.31%. The index has touched an intraday high of 13,467.85 and intraday low of 13,222.70 on Tuesday. The index had 11 advances and 09 declines out of the 20 listed Pharma companies. Further, Nifty Healthcare stocks was trading at 8,337.90 up by 104.35 points or 1.27%. 

Sun Pharma, Laurus Labs were among the top gainers with Aurobindo Pharma, Biocon, Glenmark outperforming. Granules, Gland Pharma, Cadila, Strides Pharma also rallied to contribute the sector.

Top Bears in the sector are: Natco Pharma, Dr Reddys, Alkem, Pfizer were all under pressure after budget announcement.

As per Union Budget presented by the Finance Minister, Ayushman Bharat Digital Mission, a new open platform for the National Digital Health Ecosystem will be rolled out. It will comprehensively consist of digital registries of health providers and health facilities, unique health identity, consent framework, and shall provide universal access to health facilities, said the Minister.

Further, the Union Finance Minister acknowledged that the pandemic has accentuated mental health problems in people of all ages. In order to provide better access to quality mental health counselling and care services, a ‘National Tele Mental Health Programme’ has been announced today.

This will include a network of 23 tele-mental health centres of excellence, with NIMHANS being the nodal centre. The International Institute of Information Technology-Bangalore (IIITB) will provide technology support.