Market Now: Pharma stocks in pain; Sun Pharma declines 2%
NEW DELHI: Pharma stocks were under selling pressure in morning trade on Wednesday on strong rupee.
The rupee on Wednesday was trading nearly 7 paise higher at 65.35 against dollar in early trade on account of selling of American currency by banks and exporters.
Following it, pharma stocks Sun Pharmaceutical Industries (down 2.28 per cent), Cadila Healthcare (down 1.73 per cent), GlaxoSmithKline Pharmaceuticals (down 1.21 per cent), Lupin (down 0.62 per cent) and Cipla (down 0.30 per cent) declined on the NSE.
The Nifty Pharma index was trading 0.71 per cent down at 9,143 around 10:40 am (IST).
However, shares of Glenmark Pharmaceuticals (up 0.83 per cent), Divi’s Laboratories (up 0.66 per cent), Aurobindo Pharma (up 0.42 per cent) and Dr. Reddy’s Laboratories (up 0.07 per cent) were trading up around that time.
Benchmark NSE Nifty50 index was 32 points down at 10,155, while the BSE Sensex was 81 points down at 32,861.
Among the 51 stocks in the Nifty50 index, 20 were trading in the green, while 30 were in the red.
Shares of Bharat Petroleum Corporation, Hindustan Petroleum Corporation, Indian Oil Corporation, Ambuja Cements, Tech Mahindra and Tata Consultancy Services were among the top gainers in the Nifty50 index.
However, Hindalco, Vedanta, Indiabulls Housing Finance, Sun Pharma, HCL Tech and NTPC were among top losers.
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Via:: Economic Times – Stocks