Nifty Pharma stocks trim early gains to trade flat; Alembic Pharma drags while Laurus Labs, Gland Pharma outperform

5 Jan 2022 , 01:05 PM

Nifty Pharma stocks trimmed early gains to trade flat on Wednesday afternoon. The pharma index rallied in the morning but fell amid volatile trade. Alembic Pharma dragged the sector after leading the gains on Tuesday. Cadila and Divis Lab were also under pressure. Laurus Labs and Gland Pharma led the gains while Granules India, Strides Pharma, and IPCA Labs were also in the fast lane.

Equity benchmarks on Wednesday traded higher in afternoon deals amid a highly volatile trading session. At around 1.05 pm, BSE Sensex was trading at 60,166.35 up 310.42 points or 0.52% and Nifty50 at 17,905.15 up 99.90 points or 0.56%. Nifty Pharma was trading at 14,050.40 up 9.75 points or 0.07%, touching a high of 14,136.15 and low of 13,982.70 during intraday trade on Wednesday.

Alembic Pharmaceuticals dragged the most at Rs825.25 per piece, down 1.9%. The company announced on Tuesday that it has received US Food & Drug Administration (USFDA) Final Approval for Doxycycline Hyclate Delayed-Release Tablets USP, 75 mg, 100 mg, 150 mg, and 200 mg.

Cadila and Divis Lab were around 1% lower at Rs459.85 per share and Rs4,576.90 per share respectively. Sun Pharma, Dr Reddy and Lupin were also under pressure.

Laurus Labs rose 3.8% at Rs538.65 per piece to hold the sector. Gland Pharma gained over 2.6% at Rs3,987.65 per piece while Granules India was 1.5% higher at Rs330.50 per piece. Strides Pharma and IPCA Labs were also over 1.2% higher.