Indian Market Dips, Cipla Sparks Pharma Surge with Strong Q3 Earnings

23 Jan 2024 , 01:51 PM

Indian shares decline after early gains; HDFC Bank-led financials and Zee Entertainment’s 25% slump contribute to the downturn. 

At the time of writing, Sensex was trading at Rs 70,728 which is a 0.97% dip, whereas Nifty was trading at Rs 21,341 which is a 1.07% dip than the previous close.

Market activity: 931 advancing shares, 2,404 declining shares, 90 unchanged shares. Individual stock movements: Long build-up in Lupin, Godrej Properties, and Cipla; Short build-up in Torrent Pharma, Cholafin, and Dabur.

Pharma stocks surge despite market weakness; Nifty Pharma index rises nearly 2%.

Cipla’s strong Q3 earnings drive the pharma sector’s optimism. Cipla reports a 32.7% YoY growth in net profit (Rs 1,049 crore) and a 14.2% YoY increase in revenue (Rs 6,544 crore) despite a Rs 194.8 crore exceptional loss.

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