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Last Updated : Mar 20, 2020 09:58 AM IST | Source: Moneycontrol.com

D-Street Buzz: Pharma stocks rally led by Dr Reddy's Labs, Sun Pharma; ITC, Zee jump 6%

The top gainers included ITC and Power Grid Corp which jumped over 6 percent followed by Hindustan Unilever and ONGC which added over 4 percent each.


The Indian stock market witnessed some volatile swings at open on March 20. At 09:29 hrs, the Sensex is up 51.94 points or 0.18 percent at 28340.17, and the Nifty gained 27.20 points or 0.33 percent at 8290.65.

Pharma stocks outperformed with the index jumping over 3 percent. US President Donald Trump on March 19 said that the Food and Drug Administration (FDA) is making experimental drugs including those used for treating malaria available as part of the ongoing effort to tackle the spread of the coronavirus.

The top gainers included Cadila Healthcare which surged almost 8 percent hitting upper circuit of Rs 270.40 per share. Share price of Sun Pharmaceutical Industries gained over 4 percent after the company on March 19 approved the buy-back by the company of its equity shares of face value of Re 1 each from the Open Market. Research firm HSBC has maintained a hold rating on the stock with target price of Rs 430 per share.

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Share price of Strides Pharma Science spiked 6 percent after US FDA nod for Triamcinolone Acetonide used to treat skin conditions.

Dr Reddy's Labs share price jumped over 4 percent after the company announced the launch of Pyrimethamine Tablets USP, 25 mg, approved by the US Food and Drug Administration.

Biocon share price gained 3.5 percent in the early trade on March 20 after company received EIR after US FDA inspection. The company has received the establishment inspection report (EIR) from the US Food and Drug Administration (FDA) for the post-approval and GMP inspection of its small molecules API manufacturing facility at Biocon Campus, Bengaluru.

The other gainers included Cipla, Glenmark Pharma and Lupin which added 1-3 percent in the morning trade.

India VIX is marginally up 0.11 percent at 72.28 level.

The top gainers included ITC and Power Grid Corp which jumped over 6 percent followed by Hindustan Unilever and ONGC which added over 4 percent each.

Shares of some top banking players, such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank fell up to 7 percent even as the broader Sensex and Nifty traded flat.

Morgan Stanley believes large private banks, including ICICI Bank and HDFC Bank, are better placed, given their market share gains.

Global brokerage firm Credit Suisse said that larger private banks are well capitalised and competitively well-positioned and HDFC Bank, ICICI Bank and Axis Bank remain its top picks.

The most active stocks on NSE included HDFC Bank, ICICI Bank, Reliance Industries, HDFC and State Bank of India.

About 823 shares have advanced, 699 shares declined, and 71 shares are unchanged.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Mar 20, 2020 09:58 am
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