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Nifty Pharma Outlier; Sun Pharma, Torrent Pharma Close To Their 52-Week Highs
Even as the broader markets have been trading weak amid weak global cues. The Bank Nifty is trading positively by a tad; and broader markets are also soft in trade.
Among Nifty sectoral indices, while most of the sectoral indices are seeing losses, it is the Nifty Pharma and Nifty Private Bank that is trading higher, with the former most resilient with gains of over 1 percent.
Within the pack of the 20 stocks there have been gains of up to over 3 percent on the stock of Laurus Labs, while other scrips in the pack have been making gains. Nonetheless, the 2 counters trading close to their 52-week highs have been Sun Pharma and Torrent Pharma.
Meanwhile another counter Aurobindo Pharma post market hours on Tuesday has received DCGI approval for manufacturing and distributing its in licensed generic version of MSD and Ridgeback's Molnupiravir. As per the Health ministry update a total of 13 entities in the domain have been allowed permission to manufacture and sell the anti-viral drug for treatment of Covid symptoms in adults in emergency. And as of now 6 companies' will engage in its trial including Dr. Reddy's Laboratories Ltd , Cipla, Sun Pharmaceutical Industries Ltd., Emcure, Torrent Pharma and Viatris.
As for the outlook of pharma sector, the current momentum infused in partially by the pandemic outbreak will sustain through the year 2022. The sector is expected to see double digit growth and breach the USD 60 bn mark.
