Nifty Pharma declines for second straight day; Sun Pharma, Cadila among top losers

4 Jan 2022 , 02:55 PM

Nifty Pharma was bearish despite upbeat markets on Tuesday. The Index shed 0.9% to remain under selling pressure for the second straight day.  Granules India, Cadila and Laurus Labs were among the top losers. Heavyweights Sun Pharma and Lupin also were on the downside. Alembic Pharma rose 3% to lead the gains while Gland Pharma and IPCA Labs were also higher.

Domestic benchmark equity indices continued to rally higher for the third straight day on Tuesday, in line with Asian peers, led by gains in index heavyweight Reliance Industries and banking and financial stocks. Investor sentiment remained upbeat despite a surge in US 10-year Treasury yield and a sharp jump in Covid cases globally. 

At around 2.55 pm, BSE Sensex was trading at 59,764.54 up 581.32 points or 0.98% and Nifty50 at 17,774.75 up 149.05 points or 0.85%. Nifty Pharma was trading at 14,029.30 down 127.10 points or 0.90%, touching a high of 14,239.45 and low of 14,017.55 during intraday trade on Tuesday.

Granules India shed 3.13% at Rs325.45 per piece to drag the most while heavyweight Cadila was 2.62% down at Rs464.75 per piece. Laurus Labs was 2.15% lower at Rs517.40 per piece. 

Glenmark Pharma, Abott India and Torrent Pharma also shed around 1.6%. Sun Pharma and Lupin were down 1.55% and 1.45% respectively.

Alembic Pharmaceuticals Limited lifted the mood by surging over 3% at Rs832.70 per piece. The pharma company today announced that it has received final approval from the US Food & Drug Administration for its Abbreviated New Drug Application (ANDA) for Doxycycline Hyclate Delayed-Release Tablets USP, 75 mg, 100 mg, 150 mg, and 200 mg.

Gland Pharma (up 0.93%), IPCA Labs (up 0.86%) and Biocon (up 0.51%) were also trading higher.