Nifty Pharma surges over 1.5% amid volatile trade; Sun Pharma, Dr Reddy's, Cipla lead gains

11 Mar 2022 , 12:00 PM

Nifty Pharma stocks were in the fast lane amid volatile trade on Friday. The Index surges over 1.5% to drive the markets into green zone. Sun Pharma, Dr Reddy’s and Cipla were among the overall top five performers of the day so far while Laurus Labs and Granules India led the sectorial gains in terms of percentage.

Abott India and Strides Pharma were the top losers in the sector.

The domestic indices were involved in volatile trade amid weak global cues. Overnight, US stock market fell as inflation hits 40-year high ahead of Fed rate hike.

At around 12.00 noon BSE Sensex was trading at 55,631.98 up 167.59 points or 0.30% and Nifty50 at 16,636.55 up 41.65 points or 0.25%. Nifty Pharma was trading at 13,283.75 up 206.70 points or 1.58%, touching a high of 13,310.60 and low of 13,031.10 during intraday trade on Friday.

Laurus Labs and Granules India rose 4.27% each to lif the performance of the Index. Cipla rose 3.33% at Rs1,019.90 per piece. 

Sun Pharmaceutical Industries Limited stock has been in the fastlane after the company Subsidiary Taro Pharmaceuticals USA Inc completed the acquisition of subsidiary companies of Galderma on Tuesday. The stock has hit 52-week high thsi week. It was trading at Rs890.75 per piece, up 2.4%.

Dr. Reddy’s Laboratories Ltd rose 1.65% at Rs3,956.55 per piece. The company said on Wednesday it was focused on employee safety and business contuinity in and around Russia, despite many Western companies pullinbg out from Russia in recent days. Lupin also rose 1.2%. 

Abbot India shed 1.4% to emerge the top loser. Strides Pharma Science Limited (Strides) shed 0.6% after announcing its stepdown wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Colchicine Tablets USP, 0.6 mg from the United States Food & Drug Administration (USFDA).