Pharma Stocks Face Significant Decline: Nifty Pharma Index Falls Amid Profit Booking
Market Overview of the Pharma Sector
On October 10, pharma stocks took a significant hit with the Nifty Pharma index decreasing by 2.22%, amounting to a drop of 529.2 points and reaching a low of 23,254.60. Analysts attribute this decline primarily to profit booking activities motivated by recent peaks in defensive stocks.
Impact on Major Pharma Stocks
- Lupin shares dropped to an intraday low of Rs 2,112, down 7.61% after two days of gains.
- Cipla's share price fell nearly 4%, reaching Rs 1,615.35 after three consecutive gains.
- Others like Torrent Pharma and Alkem Laboratories also saw declines.
Future Outlook for the Pharma Industry
Despite current challenges, including margins pressure for companies like Aurobindo Pharma and Dr. Reddy's, analysts remain optimistic about the pharmaceutical industry in 2024. Growth is anticipated from specialty products, and investment opportunities are emerging in companies like Sun Pharma and Zydus Lifesciences.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.