Share market update: Pharma shares bullish; Dr. Reddy's Lab surges nearly 7%

NEW DELHI: Pharma shares were trading in the green with the Nifty Pharma index up 1.32 per cent at 9,340.25 on Wednesday.

Shares of Dr. Reddy's Laboratories (up 6.68 per cent), Aurobindo Pharma (up 1.73 per cent), Glenmark Pharmaceuticals (up 1.27 per cent) and Biocon (up 1.10 per cent) were the top gainers in the index.

Dr. Reddy's Lab surged as a US appeals court allowed the generic drugmaker to sell a copycat version of its rival Indivior Plc's opioid treatment Suboxone Film. Court lifted a preliminary injunction filed by UK-based Indivior that blocked Dr. Reddy's from selling the generic drug.


Sun Pharmaceutical Industries (up 0.78 per cent), Divi's Laboratories (up 0.68 per cent) and Cipla (up 0.63 per cent) too were trading in the green.

Benchmark NSE Nifty50 index was down 90.45 points at 10,565.75 while BSE Sensex was down 354.82 points at 35,119.69 around 11:30 am.

Among the 50 stocks in the Nifty index, 21 were trading in the green, while 29 were in the red.

Shares of YES Bank, Indian Oil Corp, Idea Cellular, HPCL, Bank of Baroda, ICICI Bank, Vedanta, Infosys, Hindalco Industries and Ashok Leyland were among the most traded shares on the NSE.