Nifty Pharma stocks under pressure despite upbeat markets; Cipla emerges top loser

3 Jan 2022 , 01:08 PM

The Nifty Pharma stocks were under pressure despite bullish markets on Monday. The Index had a bleak start to the first trading day in the new year, shedding 0.3%. Cipla dragged the most while Laurus Labs also saw selling activity. Strides Pharma and Natco Pharma led the gains to lend support to the sector.

Sensex climbs 750 points, Nifty nears 17,550 led by IT, banks lead sectoral gainers. While, Asian stocks were mixed in thin trade as investors mulled Omicron’s impact on global economic recovery.

At around 1.08 pm, BSE Sensex was trading at 59,010.50 up 756.68 points or 1.30% and Nifty50 at 17,572.80 up 218.75 points or 1.26%. Nifty Pharma was trading at 14,178.25 down 44.75 points or 0.31%, touching a high of 14,280.00 and low of 14,150.15 during intraday trade on Monday.

Strides Pharma rose 1.6% at Rs454.20 per piece. Strides Pharma Science Ltd has been bullish since last week after the annoucement that it will immediately launch its generic Molnupiravir, indicated for high-risk adult patients with COVID-19, in India under the brand Stripiravir. The company has received Emergency Use Authorisation from the Drugs Controller General of India (DCGI) to launch Molnupiravir 200mg, an oral medication for COVID-19, in India.

Natco Pharma also rose over 1% at Rs914.00 per piece. NATCO Pharma Inc. USA, a wholly-owned subsidiary of NATCO Pharma Limited has completed the acquisition of Dash Pharmaceuticals LLC (“Dash”), a New Jersey-based entity. Pursuant to this, Dash will become a 100% wholly-owned subsidiary of NATCO Pharma Inc. and a step-down subsidiary of NATCO. The acquisition amount paid is US$ 18 million.

Pfizer was also 0.8% higher. Cipla was under pressure at Rs928.80 per piece, down 1.6%. Laurus Labs also shed 1.4% at Rs531.30 per piece. Glenmark, Dr Reddy, Cadila, Lupin and Divis Lab were also under pressure.