The Nifty Healthcare Index rose over 100 points after a gap-up start to drive the markets ahead on Tuesday. Apollo Hospitals hit a new 52-week high of Rs5,046 to lead the gains while Torrent Pharma and IPCA Labs also advanced on the basis of the latest credit ratings.
Fortis and Laurus Labs were also in the fast lane. On the flip side Biocon, Pfizer and Alkem Lab were struggling.
Sensex tops 57,100, Nifty50 firm near 17,000 led by financial, pharma stocks. At around 12.15 pm, BSE Sensex was trading at 57,104.57 up 214.81 points or 0.38% and Nifty50 at 16,995.65 up 64.60 points or 0.38%.
Nifty Healthcare was trading at 9,139.65 up 103.30 points or 1.14t%, ouching a high of 9,158.10 and low of 9,053.75 during intraday trade on Tuesday.
Apollo Hospitals gained 4.84% at Rs4,988.00 per piece after hitting new high early on Tuesday. The stock has seen uptrend after reporting its quarterly earnings mid-month for the first quarter (June ended) of the current fiscal in which the healthcare major reported profit as compared to loss in the year-ago quarter.
Ipca Labs also rose nearly 4.5% at Rs2,591.45 per piece. CRISIL Limited has reaffirmed its credit rating for Ipca Laboratories Limited’s commercial paper programme. The credit rating agency has reaffirmed CRISIL A1+ rating on the company’s Rs50cr comer paper programme.
Torrent Pharma was also 1.22% higher. ICRA Limited has re-affirmed the credit rating of Torrent Pharma at AA (NCDs) and A1+ on commercial paper programme and has revised the outlook to positive.
Fortis (up 2.33%) and Laurus Lab (up1.67%) also outperformed. Sanofi, Sun Pharma and Natco Pharma also gained over 0.8% respectively.
Biocon sank 0.6% at Rs354.50 per piece while Pfizer dropped over 0.4% at Rs5,705.75 per piece. Alkem Lab and Cadila also traded in the red. Out of the toal 20 stocks on Nifty Helathcare Index, 16 advanced and 4 declined. IndiaInfoline