India's pharma index climbs after bumper Fed rate cut

Abbott India

19/09/2024 05:11

** India's Nifty pharma index  .NIPHARM  climbs 0.5%,
snapping three straight sessions of losses
    ** Rise after the U.S. Federal Reserve started its monetary
easing cycle with a large 50-basis-point rate cut  MKTS/GLOB 
    ** Indian pharma firms have a sizeable exposure to U.S.
markets and earn a significant share of their rev from the
geography
    ** Eighteen of the 21 index constituents are trading in
green; top gainers Abbott India  ABOT.NS  and Alkem Laboratories
 ALKE.NS  up 1.2% and 1.4%, respectively
    ** Dr. Reddy's  REDY.NS , Cipla  CIPL.NS , Sun Pharma
 SUN.NS  and Divi's Labs  DIVI.NS , which are a part of the
Nifty 50 index  .NSEI , add 0.14%, 0.3%, 0.7% and 0.2%,
respectively
    ** Nifty 50 index up 0.7%  .BO 
    ** NIPHARM up ~37% YTD vs NSEI's ~18% gains

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))