Market Now: Sun Pharma, Divi’s Labs drag pharma index lower

Global brokerage CLSA maintained ‘Sell’ on drug major Sun Pharma with a target price of Rs 370. NSEBSEDivi’s LaboratoriesLoading data…

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    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESVivimed LabsLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESSun Pharmaceutical I…Loading data…

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        ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESSun PharmaLoading data…

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          ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESNectar LifesciencesLoading data…

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            ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESmangalam drugs and o…Loading data…

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              ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESLupinLoading data…

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                ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESLincoln Pharmaceutic…Loading data…

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                  ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESJubilant Life Scienc…Loading data…

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                    ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESDishman Pharmaceutic…Loading data…

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                      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESCadila HealthcareLoading data…

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                        ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESAnuh PharmaLoading data…

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                          ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESAbbott IndiaLoading data…

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                            ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIESNectar Lifesciencesmangalam drugs and organicsLupinLincoln PharmaceuticalsJubilant Life SciencesDivi’s LaboratoriesDishman Pharmaceuticals & ChemicalsCadila HealthcareAnuh PharmaAbbott IndiaEXPAND TO VIEW ALL NEW DELHI: Reversing gains of the previous session, BSE Healthcare index slipped over 1 per cent in Wednesday’s trade to hit a low of 13,203, with shares of Sun Pharmaceutical Industries (down 3.19 per cent), Divi’s Laboratories (down 3.13 per cent), Cadila Healthcare (down 3.05 per cent) and Lupin (down 2.29 per cent) falling up to 3 per cent.

                            Wockhardt (down 1.89 per cent), Nectar Lifesciences (down 1.58 per cent), Alkem Laboratories (down 1.35 per cent), Abbott India (down 1.31 per cent), FDC (down 1.31 per cent), Jubilant Life Sciences (down 1.26 per cent) and Lincoln Pharmaceuticals (down 1.03 per cent) also registered significant falls.

                            The S&P BSE Healthcare index was trading 1.14 per cent down at 13,215.03 around 12:03 pm (IST).

                            Global brokerage CLSA maintained ‘Sell’ on drug major Sun Pharma with a target price of Rs 370. The scrip was trading at Rs 3.14 per cent at Rs 477.90. Target price is nearly 30 per cent lower than the current market price.

                            Reacting to the development, other pharma companies were also trading in the red.

                            Nifty50 index was trading 42 points lower at 9,910, while the 30-share Sensex was 167 points down at 31,642 around the same time.

                            Stocks such as Anuh Pharma (up 4.06 per cent), Mangalam Drugs and Organics (up 3.66 per cent), Merck (up 3.18 per cent), Vivimed Labs (up 3.12 per cent) and Dishman Pharmaceuticals & Chemicals (up 2.87 per cent) were among the gainers in the healthcare index.

                            Besides healthcare, realty, FMCG and bank stocks were also reeling under selling pressure.

                            Benchmark indices kept trading in the negative zone, with Sensex losing over 220 points intraday.

                            Weak Asian cues triggered the bearish temperament here.

                            In the Nifty50 pack, 19 stocks were trading in the green, while 31 stocks were in red.

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