Nifty Pharma Outperforms All Sectoral Indices, Up 1.7%; Laurus Labs Leads

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Nifty Pharma Outperforms All Sectoral Indices, Up 1.7%; Laurus Labs Leads
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Amid a tepid market, as the Indian equity benchmark indices Nifty50 and BSE Sensex currently trades 0.02% and 0.04% higher, the sectoral index Nifty Pharma has emerged to be the biggest sectoral gainer.

At 1:55 pm, Nifty Pharma was trading 1.64% higher, the most among all other sectoral indices in the Nifty basket, while the closest second trading was 0.28% in green, being Nifty Auto

Other indices like Nifty Bank was up 0.04%, Nifty Private Bank 0.23%, Nifty FMCG dropped 0.16%, while Nifty Media and Nifty Metal declined over 1%, becoming the worst-performing sectoral indices.

Leading Nifty Pharma’s upward movement, were Lauras Labs up 4.7%, Sun Pharma (NS: SUN ) 2.6%, and Dr Reddy’s Laboratories 2.55% while writing this report.

Of the 20 stocks listed under the Nifty Pharma index, 18 were trading in green at 1:30 pm, and 2 in red. These two stocks were Strides Pharma and Pfizer (NYSE: PFE ) Limited, down 0.1% and 0.2%, respectively.

On Tuesday, the drug regulator Drugs Controller General of India permitted 13 pharma companies in the country to manufacture and market the anti-Covid drug Molnupiravir, for use against Covid-19.

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