Pharma stocks down on a volatile day
DSIJ Intelligence / 16 Nov 2016
With signs of easing volatility and NBFC stocks gaining ground along with the indices inching up, the Pharma stocks have bucked the trend on Wednesday and have slid, underperforming the markets.
With signs of easing volatility and NBFC stocks gaining ground along with the indices inching up, the Pharma stocks have bucked the trend on Wednesday and have slid, underperforming the markets.
Dr Reddy’s Lab has contributed the most to the fall of Pharma index i.e S&P BSE Healthcare. S&P BSE Healthcare index is down by almost 1.12 per cent on an intraday basis when the Sensex is trading up by almost 0.5 per cent at 26410 levels.
Pharma stocks like Sun Pharma, Lupin, Torrent Pharma, Divis Lab and Natco Pharma are all down by anywhere between 1.03 per cent to 3.45 per cent. The Pharma stocks outperformed in past few trading sessions since November 8 when the two major events started impacting the markets viz., Trump being elected as President and PM Modi’s decision to scrap Rs 500 & Rs 1000 note.
The price correction can be attributed to profit booking on behalf of the momentum traders and also due to FIIs selling equity in India.
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