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MarketScreener Homepage  >  Indexes  >  World  >  SENSEX 30       XC0009698199

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Pharma stocks lift Indian markets; Dr.Reddy's hits record high

09/18/2020 | 01:25am EST

BENGALURU, Sept 18 (Reuters) - Indian shares rose on Friday, boosted by pharma stocks after Dr.Reddy's hit a record high, and as broader Asian markets gained on hopes of more monetary support from central banks.

The blue-chip NSE Nifty 50 index rose 0.34% to 11,555.90 and the benchmark S&P BSE Sensex 0.17% to 39,046.18 by 0455 GMT. Both the indexes closed more than 0.7% lower on Thursday.

The Nifty Pharma index was the biggest boost to the markets, rising 4.4% following Dr.Reddy's near-7% jump.

The pharmaceutical firm also hit an all-time high and was the top boost to the Nifty 50 as it settled a patent litigation with Bristol-Myers Squibb Co over the cancer treatment Revlimid.

"Other generic players like Cadila Healthcare, Sun Pharma... are currently into litigation on Revlimid and there is a chance that we can see... a settlement with these players as well," analysts at Nirmal Bang Institutional Equities said in a note.

Cadila Healthcare Ltd and Sun Pharmaceutical Industries Ltd gained as much as 3.4% and 3.5%, respectively.

Separately, drugmaker Perrigo Company Plc on Thursday issued a U.S. nationwide recall of its albuterol sulfate inhalation aerosol product due to complaints over clogging issues.

"We see the (Perrigo recall) as a material positive development for both Cipla and Lupin," said analysts at Ambit Capital Pvt Ltd in a note. Both the companies have their own versions of the aerosol product approved by the U.S. FDA.

Cipla Ltd shares rose as much as 6.5%, Lupin Ltd jumped as much as 7.2% to hit a more than three-year high.

Consumer goods giant Hindustan Unilever Ltd was the top drag on the Nifty, shedding as much as 1.8%.

Meanwhile, broader Asian markets rose after central bankers globally indicated their readiness to provide further stimulus to help economic recovery.

(Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CADILA HEALTHCARE LIMITED 1.75% 471.05 Delayed Quote.82.05%
CIPLA LIMITED 0.63% 766.95 Delayed Quote.59.38%
DR. REDDY'S LABORATORIES LIMITED -0.35% 4907.3 End-of-day quote.70.56%
HINDUSTAN UNILEVER LIMITED 2.85% 2188.15 End-of-day quote.13.77%
LUPIN LIMITED 1.96% 932.85 End-of-day quote.21.96%
NIFTY 50 0.95% 13258.55 Delayed Quote.7.93%
PERRIGO COMPANY PLC 3.19% 49.87 Delayed Quote.-6.45%
SENSEX 30 1.00% 45079.55 Real-time Quote.8.16%
SUN PHARMACEUTICAL INDUSTRIES LTD. 3.79% 569.05 Delayed Quote.26.75%
UNILEVER N.V. 1.11% 50.82 Delayed Quote.-0.80%
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