The Indian stock market is trading flat as virus cases continue to surge. Sensex is down 31.67 points or 0.09 percent at 36706.02 while the Nifty shed 6.30 points or 0.06 percent and is holding above the 10800 mark.
Among the sectors, the pharma index added over a percent led by Sun Pharma which gained 3 percent. It was also the top index gainer.The other performers included Biocon which gained 2 percent.
Aurobindo Pharma share price hit fresh 52-week high of Rs 828.45 per share on BSE after the company received US FDA nod for Chlorpromazine Hydrochloride injection used to reduce psychotic symptoms - hallucinations and delusions.
The other gainers included Cipla, Dr Reddy's Labs, Divis Labs and Torrent Pharma which added 1-2 percent each.
Dr Reddy’s Labs in a filing to the exchanges said that it has received US FDA nod for Prasugrel Hydrochloride tablets used to prevent formation of blood clots.
Research and brokerage firm ICICI Securities has a buy on Aurobindo Pharma with target of Rs 920 per share. It feels that things are looking much more promising at the beginning of FY21 for the company with respite for unit IV, a strong set of Q4 numbers and stable outlook.
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