The Indian stock market relies heavily on tech companies. But that trend was not seen in the market on Monday. Rather, the pharmaceuticals made more profit. At the moment, the drug makers in the Asian market are seeing the benefits.
As soon as the stock market opened, the blue-chip NSE Nifty 50 index fell 0.15 percent to 15,636.30 points. On the other hand, S&P BSE Sensex fell 0.21 points to 52,614.25. The two indices are down about 1.1 percent from last week.
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Pharmaceuticals have started to see profits since the introduction of vaccination in India. Ajit Mishra, vice-president, Religare Broking, Noida, said that positive growth has been observed in the market instead of vaccination and weather. Especially in the pharmaceutical case.
According to various studies, household savings have declined significantly in the first quarter. In three months, the economy has been hit hard by the second wave of Covid. The whole country has not been unlocked yet so the recessionary market is also being observed. However, informed quarters are also keeping an eye on the impact on the stock market at the end of the quarter.