The Indian stock market continues to trade green in the hope of further economic mitigation measures to mitigate the impact of the COVID-19 epidemic. The Sensex was up 99.50 points or 0.26 percent at 38409.99. The Nifty was up 28.60 points or 0.25 percent at 11329.10.
Among sectors, the pharma index led by Lupine gained 2 percent, rising more than 8 percent. The stock rose 2.73 times in volume and traded at 496,951 shares, up 121.17 percent from its five-day average of 224,696.
Other gains include Cipla, Sun Pharma, Torrent Pharma, Biocon, Cadillac Healthcare, and Alchem Labs, which added 1-2 percent.
Cipla is one of the most active stocks on the NSE in terms of volumes, with 1,02,63,306 shares trading.
S&P BSE Healthcare Bliss GVS led by over 4%, followed by Glenmark Pharma, Hikal, Indoco Remedies, Marksans Pharma, Neuland Lab, Vivimed Labs, and Eris Lifesciences.
HDFC Securities Senior Technical and Derivatives Analyst Vinay Rajani
HDFC Securities Senior Technical and Derivatives Analyst Vinay Rajani acquired Sun Pharma at a target price of Rs 600 per share. The stock split with rising volumes from the price consolidation of the last six sessions.
In July, it confirmed the long-term downward sloping trendline breakout on the monthly chart. The stock is placed above all important moving averages, indicating a bullish trend, he added.
Sacchitanand Uttekar, DVP – Technical (Equity) at Tradebulls Securities
He recommended a buy on SMS Pharma with the target at Rs 120 per share. The up move in the stock has been supported well with volumes. While its recent continuation pattern indicates a likely move towards its life-highs placed at around Rs 120, he said.
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