Nifty Pharma stocks remain under pressure; Lupin, Dr Reddy's outperform while Cadila drags

18 Jan 2022 , 01:10 PM

Nifty Pharma stocks remained bearish on Tuesday amid volatile markets as the Index trimmed heavy early losses but remained in the red zone. Lupin led the gains while DR Reddy was also bullish. Cadila, Glenmark, Granules India, Alkem Lab, and Divis Lab dragged the sector.

The investors continue to watch evoloving situation due to Omicran variant of Covid-19 and corporate earnings. 

The benchmark indices opened higher on Tuesday but soon slipped into the red, however, Asian markets were broadly mixed. At around 1.10 pm, BSE Sensex was trading at 61,366.58 up 57.67 points or 0.09% and Nifty50 at 18,303.00 down 5.10 points or 0.03%.

Nifty Pharma was trading at 13,842.10 down 20.35 points or 0.15%, touching a high of 962.00 and low of 937.00 during intraday trade on Tuesday.

Lupin after remaining under pressure on Monday, amid news of recalling 50,832 bottles of Gatifloxacin Ophthalmic Solution, an antibiotic used to treat bacterial infections of the eyes, rallied on Tuesday. The stock was trading at Rs959.35 per piece, up nearly 1.8%.

Dr Reddy’s rose 0.8% at Rs4,709.90 per piece to lift performance of the sector.

Cadila dragged 2.1% at Rs28.90 per piece to emerge the top laggard in the sector. Glenmark was 1.56% lower while Granules India whed 1.24%.  Alkem Lab also was 1.05% on the downside and Divis Lab and Abott India dragged 0.86% each. Pfizer and Cipla also were in the deep red.