Market Now: Sun Pharma drags Nifty Pharma index down

NEW DELHI: The Nifty Pharma index was trading nearly 2 per cent down at 8,843 around 11:15 am (IST) on Wednesday, mainly due to poor show by the index heavyweight Sun Pharmaceutical Industries (down 5.72 per cent).

Shares of Sun Pharma plunged on reports of USFDA inspection of its Halol plant in Gujarat. Halol is Sun Pharma's one of the biggest units and is barred from new drug filings in the American market.

Shares of Aurobindo Pharma (down 1.56 per cent), Divi's Laboratories (down 1.12 per cent), Cipla (down 1.09 per cent), GlaxoSmithKline Pharmaceuticals (down 0.96 per cent), Piramal Enterprises (down 0.49 per cent) and Lupin (down 0.02 per cent) were also seen in the red.


Meanwhile, shares of Dr. Reddy's Laboratories (up 1.24 per cent), Glenmark Pharmaceuticals (up 0.29 per cent) and Cadila Healthcare (up 0.04 per cent) were up around that time.

Equity benchmarks moved up a little on gains in select IT, FMCG and bank stocks.

The NSE Nifty50 index was 14 points up at 10,375, while the BSE Sensex was 81 points up at 33,784.

Among the 50 stocks in the Nifty index, 23 were trading in the green, while 27 were in the red.