Indian share markets gained momentum in the final hour of trading to end the day on a strong note. At the closing bell, BSE Sensex ended up by 373 points, while, NSE Nifty ended up by 102 points.
Sectoral indices ended on a mixed note with healthcare stocks, and metal stocks witnessing maximum selling pressure. While, FMCG stocks and bank stocks ended in green.
Globally, Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.7% and the Nikkei 225 rose 0.8%. The Shanghai Composite lost 0.1%. European markets are sharply higher today with shares in France leading the region. The CAC 40 is up 1.3% while Germany’s DAX is up 1.2% and London’s FTSE 100 is up 1.1%.
The rupee was trading at Rs 70.70 against them in the afternoon session.
In the news from pharma space, Alembic Pharmaceuticals share price was in focus today as the company’s joint venture Aleor Dermaceuticals has received approval from the US health regulator for Xylocaine ointment, used for temporary relief of pain associated with minor burns, including sunburn, abrasions of the skin and insect bites.
The company in a filing said that it has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Lidocaine ointment USP, 5%.
Speaking of pharma sector, note that the BSE Healthcare Index has been on a roller coaster ride in the past few years. The period from 2012 to 2015 saw the index go up more than three times.
And since then it has been a painful ride downwards, as can be seen from the chart below:
The Roller Coaster Ride of the BSE Healthcare Index
As we wrote in one of our editions of The 5 Minute WrapUp…
The generic business had lucrative margins for all major pharma players. But the party did not last long. In the quest to supply drugs quickly, they compromised on quality at their manufacturing facilities.
No wonder, the US regulatory authority (USFDA) took strict action. Sun Pharma received a warning letter for its Halol manufacturing facility in 2015. It was like a bolt out of the blue. Since then, the downward spiral began and has continued till date.
