Covid-19 worries bring healthcare stocks in limelight

Covid-19 worries bring healthcare stocks in limelight

Though all other sectors bled, pharma stocks were on a high owing to renewed fears of a global Covid outbreak, said Vinod Nair, Head of Research at Geojit Financial Services.

PTIUpdated: Wednesday, December 21, 2022, 07:15 PM IST
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Covid-19 worries bring healthcare stocks in limelight | File/ Representative Pic

Shares of firms related to healthcare were in the limelight on Wednesday amid surging COVID cases in China and some other countries.

Union Health Minister Mansukh Mandaviya on Wednesday reviewed the Covid-19 situation in the country.

Jump in healthcare company shares

Shares of Thyrocare Technologies jumped 14.85 per cent, IOL Chemicals and Pharmaceuticals rallied 14.16 per cent, Vijaya Diagnostic Centre zoomed 11.74 per cent and Panacea Biotec climbed 9.50 per cent on the BSE.

Also, Glenmark Pharmaceuticals advanced 7.76 per cent, Metropolis Healthcare (6.94 per cent), Morepen Laboratories (6.80 per cent), Dr Lal PathLabs (6.23 per cent) and Divi's Laboratories (5.01 per cent).

The BSE healthcare index climbed 2.25 per cent.

"Healthcare sector came into limelight while Covid averse sectors were in pain today," Santosh Meena, Head of Research at Swastika Investmart Ltd, said.

Sensex

The 30-share BSE benchmark Sensex tumbled 635.05 points or 1.03 per cent to settle at 61,067.24.

Though all other sectors bled, pharma stocks were on a high owing to renewed fears of a global Covid outbreak, said Vinod Nair, Head of Research at Geojit Financial Services.

"Domestic equities came under pressure after worsening of Covid situation in China and a sudden spurt of cases being witnessed in USA, Korea, Brazil, and Japan. Covid sensitive sectors like pharma and diagnostics were in limelight and are expected to remain in momentum," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd, said.

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