Nifty Pharma stocks are trading higher with Dr Reddy’s giving crucial push to otherwise subdued trade of the sector on Monday.
The sector has been struggling to take off since last week despite focus on healthcare in the Union Budget 2021 announced on February 1 and strong quarterly earnings.
At around 2.51 pm, Nifty Pharma was trading at 12,990.35
up 39.70
points or 0.31%, touching a low of 12,907.25
and high of 13,118.70 on Monday.
Dr Reddys Laboratories Limited is up for a fifth straight session today. The company’s stock has been upbeat after the declaration of quarterly earnings last month. It was trading at Rs4,879.10 per piece up Rs78.20 or 1.63%.
Auro Pharma, Cipla, Lupin and Biocon are also over 0.50% higher to support the sector.
Alkem Lab,
Divis Lab and Cadila drag the sector. Alkem Lab is on the downside 1.5% while Divis Lab is trading at Rs3,788.75 per piece down Rs33.70
or 0.88
%. Cadila is 0.37% lower.