Nine pharma stocks rose by 1.67% to 5.64% at 12:00 IST on BSE as rupee weakened against the dollar
Meanwhile, the S&P BSE Sensex was down 122.85 points or 0.4% at 32,272.17. The S&P BSE Healthcare index was up 268.50 points or 1.95% at 14,045.10.
Sun Pharmaceutical Industries (up 2.01%), Aurobindo Pharma (up 5.64%), Cipla (up 1.67%), Lupin (up 3.51%), Wockhardt (up 1.78%), Divi's Laboratories (up 3.24%), Glenmark Pharmaceuticals (up 3.7%) and Cadila Healthcare (up 3.22%) gained. Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
Dr Reddy's Laboratories gained 4.74% after the company said that it has received an Establishment Inspection Report from the US drug regulator, for its Formulation Srikakulam Plant (SEZ) Unit II, Andhra Pradesh. The announcement was made during market hours today, 21 September 2017.
In the foreign exchange market, the rupee edged lower against the dollar on fall in stock indices. The partially convertible rupee was hovering at 64.4475, compared with closing of 64.27 during the previous trading session.
The BSE Healthcare index had outperformed the market over the past one month till 20 September 2017, rising 6.48% compared with 2.78% gain in the Sensex. The index had, however, underperformed the market in past one quarter, falling 2.18% as against Sensex's 3.52% rise. The index had also underperformed the market in past one year, declining 16.62% as against Sensex's 13.59% upmove.
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