Stock market update: Sun Pharma drives Nifty Pharma index up

NEW DELHI: Backed by strong gains in Sun Pharmaceutical Industries (up 7.09 per cent), the Nifty Pharma index was trading in the positive territory during Monday's trade.

The Nifty Pharma index was trading 2.61 per cent up at 8,514 around 01:30 pm.

Shares of Sun Pharma got traction on better-than-expected March quarter earnings.


The company on Friday reported 6.93 per cent rise in consolidated profit at Rs 1,375.62 crore for March quarter, which was above ET NOW poll of Rs 895 crore.

Shares of Lupin (up 4.61 per cent), Piramal Enterprises (up 2.89 per cent), Aurobindo Pharma (up 1.83 per cent), Cipla (up 1.51 per cent), Dr. Reddy's Laboratories (up 1.07 per cent), Biocon (up 1.00 per cent) and Glenmark Pharmaceuticals (up 0.63 per cent) were also up.

However, Divi's Laboratories (down 3.69 per cent) and Cadila Healthcare (down 3.17 per cent) were suffering losses due to profit-booking.

Divi's Laboratories on Saturday reported a 0.89 per cent rise in its standalone net profit to Rs 261.60 crore for the fourth quarter ended March 31.

CLSA has maintained 'buy' rating on Cadila Healthcare and revised target price to Rs 460 from Rs 450.

Market was in the positive territory on buying in most sectors amid easing geopolitical concerns and a sharp correction in global crude prices.

Benchmark NSE Nifty50 index was up 83 points at 10,688, while the BSE Sensex was up 247 points at 35,172.

Among the 50 stocks in the Nifty index, 37 were trading in the green, while 13 were in the red.