Alembic Pharma and Dr Reddy's Labs plunged 12% and 11%, respectively in intra-day trade post their June quarter results
Marksans Pharma and Novartis India from the S&P BSE Healthcare index zoomed 20 per cent each
Since April, the index has outperformed the market by surging 15 per cent, against 1.7 per cent gain in the Nifty50; Sun Pharma scales 4-year high
Since April, the Nifty Pharma index has outperformed the market by surging 15 per cent, against 1.7 per cent gain in the Nifty50 index
Cipla, Gland Pharma, JB Chemicals and Pharma, Max Healthcare, Neuland Lab and Apollo Hospital from BSE Healthcare index hit their respective record highs today
At 12:57 pm, Nifty Pharma index, the top gainer among sectoral indices, was up 4.2 per cent, as compared to 1.3 per cent gain in the benchmark Nifty50 index
Cipla, Cadila Healthcare, Lupin, Sun Pharma and Aurobindo Pharma from the Nifty Pharma index were up in the range of 1 per cent to 2 per cent on the NSE
Despite the large economic impact of the Covid-19 pandemic, the markets have recovered sharply even though the performance among individual stocks has been quite polarised
Good momentum in US and domestic sales, along with Covid-19 treatment portfolio is already driving analysts to upgrade earnings estimates
The Indian pharmaceutical sector has also been going through a surge
All the 10 constituents of the Nifty Pharma index were trading in the green.
Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635
The performance of banking stocks is likely to weigh on the markets
Torrent Pharmaceuticals also rose 15 per cent to a fresh 52-week high of Rs 2,380
Aurobindo Pharma moved higher by 20 per cent to Rs 449, and witnessed 32 per cent rally in the intra-day deal.
Sectorally, metal and pharma stocks gained the most. Nifty Metal index climbed 5.6 per cent to 2,321 levels while Nifty Pharma index ended at 7,921, up over 5 per cent
Wockhardt, Strides Pharma Science, Alembic Pharmaceuticals, Pfizer and IOL Chemicals & Pharmaceuticals were up in the range of 5 per cent to 9 per cent in intra-day trade today.
Glenmark Pharma is continuously going down from Rs 600 levels and is not showing any sign of recovery.
Glenmark Pharmaceuticals plunged 9 per cent, while Dr Reddy's slipped 8 per cent in intra-day trade
In the last five sessions, the index has been hovering at 200-days moving average (DMA) located around 9230, as per daily chart. A major trigger for a bigger run stays at 9350 levels