Pharma Stocks Defy Weak Market Sentiment; Cipla Gains 5%

In line with Asian markets, Indian markets in trade on November 26, 2021 took a heavy beating on resurfacing Covid worries after a new Covid variant was found in South Africa. At around 10:21 am, Nifty was down by over 333 points at 17,203, while Sensex cracked 1095 points to trade at 57,704. Meanwhile, broader markets too cracked by a similar scale with Nifty Midcap 100 down by 2 percent.

Among Nifty sectoral indices, all of the Nifty sectoral indices barring Nifty Pharma traded in the red. While the sectors that suffered the most drag included realty, metals, PSU Bank and auto.

In a subdued market, pharma pack has been witnessing strong buying with Nifty Pharma up 1.42% at the time of writing this story. Within the pack, of the 20 constituents, 17 traded in the green, with weakness seen in the counters including Sun Pharma, Gland Pharma and Torrent Pharma.

Notably, top gainers from the pack include Cipla, Pfizer, Alkem, Dr Reddy, Aurobindo Pharma, Strides Pharma, Cadila, Laurus Labs, Glenmark, Biocon all up between 1-5 percent.

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