Nifty Pharma index rose over 1% to stabilize the markets along with bullish IT stocks after a bearish overall trade early on Monday. Lupin and Cipla were among the top gainers with Laurus Labs, Torrent Pharma, Natco Pharma, and Glenmark Pharma outperforming. Pfizer was the only pharma stock trading in the red.
Indian shares fell on Monday as a global surge in Omicron variant cases weighed on investor sentiment. However, the indices recovered losses as the day progressed with Sensex above 57k, Nifty at 17k.
Asian stocks were mixed and U.S. equity futures were steady Monday amid a mood of caution as traders evaluated spiking coronavirus cases and a weekend pledge of greater economic support from China’s central bank.
At around 12.12 pm, BSE Sensex was trading at 57,195.05 up 70.74 points or 0.12% and Nifty50 at 17,022.65 up 18.90 points or 0.11%. Nifty Pharma was trading at 13,639.45 up 148.20 points or 1.10%, touching a high of 13,645.20 and low of 13,472.10 during intraday trade on Monday.
Lupin rose 2.12% at Rs916.80 per piece. The company received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Sevelamer Carbonate for Oral Suspension, 0.8 g and 2.4 g packets to market a generic equivalent of Renvela for Oral Suspension, 0.8 g and 2.4 g Packets of Genzyme. This product will be manufactured at Lupin’s Goa facility in India.
Cipla advanced 1.5% at Rs921.90 per piece. Last week…
