Pharma Stocks Rally On High Demand For Medicines Amid Rising COVID Cases
Share prices of pharmaceutical stocks such as Cipla Limited and Sun Pharmaceuticals rallied on Friday, April 9, due to the growing demand of medicines and related products amid the second wave of the COVID-19 pandemic in the country. Cipla gained around five per cent and Sun Pharmaceutical Industries gained around four per cent in the session today. Among sectoral indices, Nifty Pharma gained 3.13 per cent at 13,006.85 points.
On Friday, Cipla opened on the NSE at Rs 840.90, touching an intra day high of Rs 892.30Â and an intra day low of Rs 836.65, in the session so far. Whereas, Sun Pharmaceuticals opened on the NSE at Rs 613, touching an intra day high of Rs 642 and an intra day low of Rs 609.50.
Whereas, on the Sensex, Sun Pharmaceuticals was among the top gainers. On the BSE, Sun Pharma was trading 3.67 per cent higher at Rs 636.85. It opened on the BSE at Rs 615, touching an intra day high of Rs 642.20 and an intra day low of Rs 610.05, in the session so far.
Other pharma stocks such as Cadila Healthcare Limited, Alkem Laboratories Limited, Biocon, Dr Reddy's also gained in the session today.
Cadila Healthcare was last trading 8.97 per cent higher at Rs 512.90 on the NSE. Alkem Laboratories opened at Rs 2,710 on the NSE today. Alkem gained 5.04 per cent in the session so far and was last trading 4.49 per cent higher at Rs 2,828 on the NSE.Â
According to the Ministry of Health, the total number of active COVID-19 cases in the country is 9,79,608, as of April 9 at 8:00 am.
The country reported another record number of new COVID-19 infections on Friday with daily deaths also hitting their highest in more than five months as the country battles the second wave of COVID-19.
The country reported 131,968 new infections and 780 deaths today - the biggest daily increase since mid-October.
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