On Wednesday trading session, despite weak markets amid global cues, other than major sectorals of Nifty, Pharma stocks were trading in the green. Resurgence of the second COVID wave has dented sentiment and impaired the FY22E earnings visibility.
As multiple states entering into extended lockdowns and restrictions, companies estimates downside risks to FY22 earnings. Thus markets are likely to remain range bound in the near term. Also, the government will announce Consumer Price India (CPI) inflation and Index of Industrial Production (IIP) data later today.
The cumulative number of COVID-19 vaccine doses administered in the country stands at 17,51,71,482 in last 24 hours.
3,48,421 new coronavirus infections were reported on Wednesday as the total tally of COVID-19 cases in country now stands at 2,33,40,938.
At around 11.25 AM, Nifty Pharma performs at 14,107.40 up by 40.75 points or 0.29%. The index has touched an intraday high of 14,224.50 and intraday low of 14,014.90 during early trading session on Monday.
On the trading index,
Cadila Healthcare was the top bull surging by 3.5% at Rs651.80 per piece followed by
Torrent Pharma,
Lupin surging over 1.2% each.
Cipla was trading marginally higher at Rs896.20 per piece.
Dr Reddy's and Divis Laboratories were on upside spurted 0.6% each to lead the gains. On Wednesday Dr. Reddy's Laboratories enters into a Voluntary Licensing Agreement with Lilly to Expand Access to COVID-19 Treatment in India.
On the downside, heavywights Aurobindo Pharma and
Alkem Laboratories were top laggards tumbling by nearly 1% each.
Sun Pharmaceuticals and Biocon also slipped by 0.1% and 0.3% respectively on the index.