Nifty50 Pares Early Losses, Up 0.5%; Nifty Pharma Top Sectoral Gainer

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Nifty50 Pares Early Losses, Up 0.5%; Nifty Pharma Top Sectoral Gainer
Credit: © Reuters.

By Malvika Gurung

Investing.com -- After opening almost 1% lower on Monday, following mixed cues from Asian markets, Indian equity benchmark indices Nifty50 and BSE Sensex have pared losses at were trading 0.5% and 0.55%, respectively in green at 1:35 pm.

Of all the Nifty sectoral indices, Nifty Pharma emerged to be the biggest sectoral gainer, driven by Laurus Labs Ltd (NS: LAUL ), Natco Pharma Ltd . (NS: NATP ) and Torrent Pharmaceuticals Ltd. (NS: TORP ), up 4.2% to 3%.

The index was up 1.5% while writing this report. At the same time, Nifty Media emerged as the worst-performing sectoral index on Nifty, overtaking the Nifty Private Bank, down 1.38%.

This is because pharma stocks look reasonably valued at this point. 

An analyst from ICICI Prudential (LON: PRU ) AMC stated that pharma and utilities are two sectors where investors can remain confident, as their stocks look reasonably valued at this point, unlike technology and FMCG stocks, which remain priced for growth.

Other sectoral indices like Nifty Bank was up 0.73%, Nifty IT 0.6%, Nifty Auto 0.23%, Nifty PSU Bank 0.43%, while Nifty Metal was down 0.13%, and Nifty FMCG dropped 0.07%.

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