Nifty Pharma stocks continue to rally; Dr. Reddy's, Strides Pharma emerge top gainers

23 Mar 2022 , 12:00 PM

Nifty Pharma stocks continued the rally to lead gains amid volatile trade on Wednesday. Dr. Reddy’s, Strides Pharma. Alkem Lab, Pfizer,  and Divis Lab led the gains. Cipla, Granules India and Lupin were trading in the red. Sun Pharma was trading flat.

Sensex and Nifty50 started Wednesday’s session on a positive note tracking three-week highs in other Asian markets following an overnight surge in Wall Street indices. Investors remained focused on news updates about the Russia-Ukraine war and rising coronavirus infections in China.

At around 12.00 noon, BSE Sensex was trading at 58,057.60 up 68.3 points or 0.12% and Nifty 50 at 17,342.80 up 27.30 points or 0.16%. Nifty Pharma was trading at 13,643.70 up 130.55 points or 0.97%, touching a high of 13,725.15 and low of 13,562.30 during intraday trade on Wednesday.

Dr Reddy’s led the gains by surging 3.25% at Rs4,160.85 per piece on Wednesday. Strides Pharma rose 3% at Rs360.50 per piece to outperform. Pfizer (up 2.77%), Alkem Lab (up 2.46%), Gland Pharma (up 2.4%) and Divis Lab (up 2%) was also among the top performers. Torrent Pharma was 1.8% higher.

Cipla shed 1% to drag the most and Granules India and Lupin were down 0.43% and 0.23% respectively.