Stocks like Glenmark Pharma, Gland Pharma, Granules recorded 1.16% drop each.

Pharma stocks extended losses during Thursday’s morning trade  with major stocks such as Gland Pharma, Torrent Pharma, Alembic emerging as biggest underperformers despite bullish markets tone led by US Federal Reserve policy outcome.

Pharma stocks are in hot bed zone where the covid situation has taken an ugly turn after UK reported world’s first death due to Omicron virus which led to increase in global cautiousness. Investors are bidding cautiously in pharma stocks as the market involves risk sentiments amid global cues. 

In last 24 hours, India recorded fresh 12 fresh Omicron cases which take national tally to 73. Similarly, 7,974 new cases of Covid-19 reported nationally in last 24 hours.

Nifty Pharma bounces back in the red, after fresh opening of markets in the green. At around 10:40 AM, Nifty Pharma performs at 13,432.65 down by 79.40 points or 0.59%. The index has touched an intraday high of 13,604.50 and intraday low of 13,386.05 on Thursday. 

Biocon was the top underperformer of Nifty Pharma slipping by 2.45% followed by Alembic Pharma diving around 2%.

Stocks like Glenmark Pharma, Gland Pharma, Granules recorded 1.16% drop each where Aurobindo Pharma and Laurus Labs plunged by 1% each.

Sun Pharma, Natco Pharma, Strides, Cipla, IPCA Lab, Lupin and Torrent Pharma dropped between 0.5%-1% each to drag the overall sector in the red. Alkem Labs, Abbott India and Cadila Healthcare were also trading marginally down dragging the sector.

However, Pfizer, Dr Reddy’s and Divis Lab were only gainers to support the index with marginal gains. Pfizer was trading at Rs5005 per piece higher by 0.69% along with Dr Reddy’s surging by 0.37%.

Globally, US stocks end higher as Federal Reserve maps out plan for battling inflation. The Fed said that the Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run.