The Nifty Pharma closed in red on February 19 while the market displayed slight respite. The Nifty Pharma Index was down 0.76 per cent, by 159.85 points at 20,809.35, at the time of writing this report.
Pharma Nifty experienced a downturn soon after US President Donald Trump hinted at a tariff of 25 per cent on pharma imports, expected date of implementation to be April 2.
The Nifty Pharma closed in red on February 19 while the market displayed slight respite. The Nifty Pharma Index was down 0.76 per cent, by 159.85 points at 20,809.35, at the time of writing this report.
The decline came after US President Donald Trump on February 18, hinted on a 25 per cent tariff on around 25 per cent tariffs to be imposed on pharmaceutical, automobile, and semiconductor imports. The announcement is possibly set for April 2.
When enquired about tariffs on pharmaceutical drugs and semiconductor chips, Trump said, “It’ll be 25 per cent and higher, and it’ll go very substantially higher over the course of a year.”
Indian equity benchmark indices, BSE Sensex and Nifty50, opened in red in trade on Wednesday. While the BSE Sensex went below 75,600, the Nifty50 was near 22,800. At 9:15 AM, BSE Sensex was trading at 75,621.95, down 345 points or 0.45 per cent. Nifty50 was at 22,830.90, down 114 points or 0.50%.
Top Loser from Nifty Pharma
Dr Reddy was trading in red, down 2.7 per cent, Lupin at 1.74 per cent, Aurobindo Pharma Ltd down at 2.3 per cent, and Sun Pharmaceutical Industries was in red at 1.3 per cent.
Meanwhile, ZydUs Lifescience stood in the red at 2.4 per cent, Cipla was down by 1.1 per cent and Natco Pharma was down by 2.4 per cent.
Top Gainers From Nifty Pharma
While Nifty Pharma was in red, J B Chemicals and Pharmaceuticals Ltd was trading in the green, up around 3.6 per cent, Torrent Pharmaceuticals Limited was up by 2.5 per cent, Granules India was in the green, up by 2.53 per cent and Gland Pharma Ltd was also in green, up 1.8 per cent.
Additionally, Nifty Pharma has given a negative return of around 6 per cent, in six months, and declined by around 11 per cent on a year-to-date (YTD) basis.
Meanwhile, the benchmark NSE Nifty 50 Index traded flat, at 22,929.90, down by 0.07 per cent or 15.40 points.
Among the 50 stocks in the Nifty index, 25 were trading in the green, while 25 were in the red.
At the market closing, the Sensex was down 28.21 points or 0.04 per cent at 75,939.18, and the Nifty was down 12.40 points or 0.05 per cent at 22,932.90.