Further consolidation cannot be ruled out, but once 10,495 gets taken out, the index can head towards 11,640 in the short term. On the other hand, 11,366 – 11,340 shall act as a key support zone for the index.
Shares of pharmaceutical companies in focus with Nifty Pharma index was trading higher for the fourth straight day, hitting an over six-month high on the National Stock Exchange (NSE).
Sun Pharmaceutical Industries, Dr Reddy’s Laboratories, Glenmark Pharmaceuticals, Lupin, Aurobindo Pharma and Cadila Healthcare from the index, were up in the range of 1% to 4% on the NSE.
At 10:25 am; Nifty Pharma index, the largest gainer among sectoral indices, was up 1.5% at 3,386, as compared to 0.71% rise in the Nifty 50 index. The pharma index hit an intra-day high of 9,781, up 2%, touched its highest level since January 25, 2018.
Sun Pharma posted good numbers in Q1FY19. Revenue grew 16% year on year (YoY) to Rs 72.2 billion, and the EBITDA margin expanded 460 bps to 22.2%. EBITDA at Rs 16.1 billion and PAT at Rs 9.8 billion were up 46.6% and 86.9% YoY respectively.
“Despite challenges in the US generics space and decline in the Taro business, Sun Pharma managed 12% growth in revenues in the US market. Additionally, good performance in India which showed growth of 22% coupled with 11% growth in ROW driven by key markets including Romania, Eastern Europe, and Asia led to positive results for the quarter,” analyst at HDFC Securities said in results review.
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