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Pharma Stocks Rise for Third Day

Picture Source: Internet

In today’s morning trade, the domestic equity benchmarks further pared gain. The Nifty continued to trade below the 17,750 mark. In the morning trade, the barometer index, the S&P BSE Sensex, was up 191 points or 0.32 per cent to 59,734.96. The Nifty 50 index gained 64.65 points or 0.37 per cent to 17,721.

In the broader market, the S&P BSE Mid-Cap index rose 0.43 per cent while the S&P BSE Small-Cap index gained 0.46 per cent. On the BSE, 1,816 shares hit a high and 1,415 shares went down, and 136 shares remained the same.

Additionally, the Nifty Pharma index is 0.24 per cent to 13,143.45. The index has gained 1.26 per cent in three sessions. The top gainers are Dr Reddys Laboratories, up 1.3 per cent, Lupin, up 1.83 per cent; Granules India, up 2.21 per cent and Sun Pharmaceuticals Industries, up 1.49 per cent. On the other hand, Biocon is up 1.12 per cent, GlaxoSmithKline Pharmaceuticals is up 1.05 per cent, Natco Pharma is up 1.26 per cent, Cipla is up 0.84 per cent, and Abbott India is up 0.94 per cent.

Gland Pharma slumped 13.18 per cent to Rs 1,931 after the net profit tumbled 20.1 per cent to Rs 241.24 crore on a 3.3 per cent decline in net sales to Rs 1,044.40 crore in the second quarter of FY23 over the second quarter of FY22.

On 26 October, Asian stocks were trading higher on growing expectations that central banks could start slowing the pace of increase in interest rates in upcoming months.

In the third quarter, South Korea’s GDP grew 0.3 per cent from the second quarter, the slowest growth since Q3 of FY22. The industrial profit of China from January to September fell 2.3 per cent as compared to last year, as per the National Bureau of Statistics.

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