Nifty Healthcare shares remained bearish despite some recovery in trading on Wednesday afternoon. Index's shed with Lupine sinking 6% after first quarter earnings. Sanofi Y Dr. Lal Pathlabs they were also under pressure and Cadila it was also struggling before first quarter earnings. Torrent Pharma was also bearish amid the sadness in the sector.
Natco Pharma lifted spirits by increasing more than 2% while Alkem Laboratory it also gained almost 2%. Fortis it was also trading 1% higher.
Indices opened green and then fell into the red zone, before cutting losses in the afternoon. At around 1.55pm, BSE Sensex was trading at 54,487.18 down 67.48 points or 0.12% and Nifty50 at 16,266.60 down 13.50 points or 0.08%.
Nifty Healthcare was trading at 8,923.90 down 112.85 points or 1.25%, touching a low of 8,819.70 during intraday trading on Wednesday.
Lupine was 6.2% lower at Rs1,050.65 per piece. It reported a 5-fold increase in its consolidated net profit to Rs 542.46 crore for the quarter ended June 30, 2021. Sanofi lost 3% to Rs8,930.00 per piece. Torrent Pharma fell 2.8% to Rs2,941.45 per piece.
Lalpath Labs, Auro Pharma, Biocon and Sun Pharma were also 2.3% to 1.75% lower.
Cadila was down 1.67% to Rs566.80 a piece before the earnings announcement.
Pfizer, Dviis Lab, Apollo Hiospitals were around 1% lower. Abbot India, IPCA Lab, Laurus Lab, Dr Reddy's, Cipla and Glenmark also traded in the red
Alkem Lab was up 2.4% to Rs3,641.85 per piece. Natco Pharma continued to gain 2.25% to Rs1,005.00 per piece. Fortis also advanced above 2% to Rs237.45 a piece.
