AGL 38.15 Increased By ▲ 0.90 (2.42%)
AIRLINK 121.51 Decreased By ▼ -2.51 (-2.02%)
BOP 5.85 Increased By ▲ 0.23 (4.09%)
CNERGY 3.75 Increased By ▲ 0.03 (0.81%)
DCL 8.40 Increased By ▲ 0.15 (1.82%)
DFML 40.89 Increased By ▲ 0.62 (1.54%)
DGKC 84.60 Decreased By ▼ -1.14 (-1.33%)
FCCL 32.70 Increased By ▲ 0.10 (0.31%)
FFBL 65.50 Decreased By ▼ -1.00 (-1.5%)
FFL 10.05 Decreased By ▼ -0.11 (-1.08%)
HUBC 103.80 Increased By ▲ 0.70 (0.68%)
HUMNL 13.25 Decreased By ▼ -0.15 (-1.12%)
KEL 4.43 Increased By ▲ 0.18 (4.24%)
KOSM 7.09 Decreased By ▼ -0.09 (-1.25%)
MLCF 37.50 Decreased By ▼ -0.80 (-2.09%)
NBP 60.25 Decreased By ▼ -4.76 (-7.32%)
OGDC 172.25 Decreased By ▼ -1.55 (-0.89%)
PAEL 24.80 Decreased By ▼ -0.10 (-0.4%)
PIBTL 5.70 Decreased By ▼ -0.10 (-1.72%)
PPL 141.69 Decreased By ▼ -1.01 (-0.71%)
PRL 22.72 Decreased By ▼ -0.26 (-1.13%)
PTC 14.74 Decreased By ▼ -0.37 (-2.45%)
SEARL 64.56 Decreased By ▼ -0.79 (-1.21%)
TELE 7.14 Increased By ▲ 0.14 (2%)
TOMCL 35.50 Decreased By ▼ -1.41 (-3.82%)
TPLP 7.29 Decreased By ▼ -0.05 (-0.68%)
TREET 14.20 Decreased By ▼ -0.08 (-0.56%)
TRG 51.75 Increased By ▲ 2.05 (4.12%)
UNITY 26.60 Increased By ▲ 0.45 (1.72%)
WTL 1.22 Decreased By ▼ -0.02 (-1.61%)
BR100 9,483 Decreased By -118.3 (-1.23%)
BR30 28,371 Decreased By -202.1 (-0.71%)
KSE100 88,967 Decreased By -1319.8 (-1.46%)
KSE30 27,827 Decreased By -515.9 (-1.82%)
Markets

Pharma powers Indian shares to 3-month closing high

  • The NSE Nifty 50 index, which has recovered ground after taking a hit from worries about a violent border clash with China last week.
  • "The risk appetite has come back to the table along with foreign institutional buying ... The cheer from pharma compa
Published June 22, 2020

BENGALURU: Indian shares closed at a three-month high on Monday as domestic regulatory approvals to manufacture COVID-19 drugs lifted pharmaceutical stocks, outweighing the impact of a surge in domestic as well as global coronavirus cases over the weekend.

The NSE Nifty 50 index, which has recovered ground after taking a hit from worries about a violent border clash with China last week, ended up 0.65% at 10,311, its highest since March 11.

Indian and Chinese military commanders held a second round of talks to ease the tensions, with many Indians calling on the government to deliver a military and economic riposte to China following the worst clash in over five decades.

"The risk appetite has come back to the table along with foreign institutional buying ... The cheer from pharma companies over drugs has also helped," said Neeraj Dewan, director at Quantum Securities in New Delhi

"Whenever there is a gush of liquidity in global markets, emerging markets get their share. The major risk hanging over markets is once the pent-up demand from opening up of economies is exhausted, further pick up in demand is going to be challenging," he added.

The Nifty Pharma index ended up 2.2%, while the bank index rose 1.74%.

Shares of Cipla Ltd ended up 3.2% after India's drug regulator gave the green light for the manufacture and sale of their generic version of Gilead Sciences Inc's experimental COVID-19 treatment remdesivir.

Shares of Glenmark Pharmaceuticals Ltd spiked 27% after the drugmaker received Indian regulatory approval on Friday to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections in the country.

India's total COVID-19 cases stand at 425,282 with 13,699 deaths, the health ministry said.

Bajaj Auto Ltd ended up 7.1% and was the top gainer in Nifty 50 index.

The benchmark S&P BSE Sensex rose 0.52% to 34,911.32.

Meanwhile, the threat of rising coronavirus infections in parts of Europe and the United States kept global markets subdued.

Comments

Comments are closed.