Nifty Pharma surges 1.5% to lead bullish markets; Zydus Life, Lupin, Dr Reddy's, Sun Pharma among top gainers

9 Mar 2022 , 12:00 PM

Nifty Pharma rose for the second straight day to led the rally from overall markets along with bullish IT stocks. The markets had rebounded towards close on Tuesday after a four-day rout and continued the momentum on Wednesday with a gap-up opening.

Zydus Life led the gains while Lupin, Strides Pharma, Sun Pharma and Dr Reddy’s were also in the fast lane.

The global cues were mixed amid the ongoing Russia-Ukraine conflict. BSE Sensex and Nifty 50 were trading over half a per cent higher on Wednesday, a day before weekly F&O expiry.

At around 12.00 noon, BSE Sensex was trading at 54,098.41 up 674.32 points or 1.26% and Nifty50 at 16,189.50 up 176.05 points or 1.1%. Nifty Pharma was trading at 13,025.30 up 180.45 points or 1.40%, touching a high of 13,098.55 and low of 12,864.30 during intraday trade on Wednesday.

Zydus Life rose 4.15% at Rs358.75 per piece to lead the gains. Zydus’ US-based biopharmaceutical arm Sentynl Therapeutics Inc has executed an asset purchase agreement for the sale of BridgeBio’s Nulibry (Fosdenopterin) for injection. Nulibry is approved by the US Food and Drug Administration (USFDA) to reduce the risk of mortality in patients with molybdenum cofactor deficiency (MoCD) Type A, an ultra-rare, life-threatening paediatric genetic disorder.

Lupin was 3% higher at Rs729.80 per piece. Laurus Labs rose 2.55% higher at Rs548.75 per piece. Strides Pharma and Dr Reddy’s also advanced over 2%. 

Sun Pharma gained 2% at Rs871.90 per piece. Sun Pharmaceutical Industries Subsidiary Taro Pharmaceuticals USA Inc has completed the acquisition of subsidiary companies of Galderma. The acquired subsidiaries of Galderma included Galderma Holdings Inc which was incorporated in Delaware, Proactiv YK which was incorporated in Japan, and The Proactiv Company Corporation which was incorporated in Canada. These subsidiaries sold products under the Proactiv, Restorative Elements and In Defense of Skin brands. The company paid $99.279 million for the entire transaction.

Divis Lab also was 1.8% higher. IPCA Labs and Natco Pharma were trading in the red as the Pharma Index on the NSE had 18 advances and 2 declines.