Pharma Stocks Outlook
In a range; Sun Pharma seen hit if US raises tariff
This story was originally published at 23:11 IST on 2 April 2026
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MUMBAI – Shares of pharmaceutical companies are expected to be in a range next week, with some technical analysts saying that this sector is a good bet in a volatile market. In a recent development, the US is considering a 100% tariff on imported branded and patented medicines, according to media reports. This move will not hit most pharma players in India, which are exporters of generic medicines. However, Sun Pharmaceutical Industries will be the most exposed if this regulatory change is enacted, analysts said.
The White House is yet to issue an official release on this matter. Analysts expect that even if the US is considering raising import tariffs on pharma products, generics will likely be exempted. The proposed tariffs are linked to an investigation under Section 232 of the Trade Expansion Act. Companies without agreements or ongoing negotiations with the administration may face tariffs of up to 100%.
Sun Pharma is the most exposed Indian drugmaker, global brokerage Jefferies said, according to a report by The Economic Times. Innovative products account for about 20% of Sun Pharma's overall revenue, and Jefferies' analysis shows that its key innovative brands for the US market are manufactured in South Korea, the European Union and within the US itself. Sun Pharma's sales in the US are driven by products such as Ilumya, Winlevi, and several generics, like lisdexamfetamine, albuterolipratropium, ISOtretinoin and Lenalidomide, which represent 75% of Sun's US sales, according to IQVIA data.
"As per our analysis, the key innovative products of Sun Pharma are manufactured in South Korea, the EU or within the US," Jefferies said, adding that South Korea and the EU have negotiated pharma tariffs at 15% with the US. "We therefore believe the max tariffs on Sun Pharma's innovative products would be capped at 15%."
Talking about the sales prospects of the blockbuster weight-loss drug, semaglutide, an analyst at a domestic brokerage said the competitive pricing among pharma majors may lead to lower-than-estimated sales in the upcoming quarters. In the latest development on this front, Emcure Pharmaceuticals cut the price of its semaglutide injection Poviztra by up to 55%.
The Nifty Pharma index has been consolidating in a range of 21000–23500 points for more than a year and is struggling to breakout from this consolidation zone, Rupak De, technical analyst at LKP Securities, said. This week, the index ended nearly 4% lower at 21808.40 points. "Pharmaceutical stocks have some steam left in them, dips in major names can be a good buying opportunity," Vipin Kumaar, senior technical analyst at Globe Capital Markets, said.
TOP HEADLINES
* HC bars Kenyan co from selling drugs similar to Sun Pharma arm's 'Pantocid'
* Alkem Lab ups investment in MP mfg unit to INR 10.36 bln from INR 5.33 bln
* Lupin completes acquisition of VISUfarma from GHO Capital Partners
* IPO Alert: Sai Parenteral's to list Thu; issue price set at INR 392/share
* Lupin arm Nanomi to acquire 43.4% in Philippines arm for $39.6 mln
* Aurobindo Pharma board to consider buyback of shares on Monday
* IPO Alert: Symbiotec Pharmalab gets SEBI approval for fresh issue, OFS
* HC allows Dr Reddy's to sell stock of diabetic drug Olymviq for 30 days
* Wockhardt's Zaynich gets favourable recommendation from drugs control body
* HC bars Intas Pharma from selling cancer drug similar to Sun Pharma arm's
* IPO Alert: Sai Parenteral's issue fully subscribed on final day
* Dr Reddy's to rename diabetes drug; HC not in favour of destroying stock
* Alembic Pharma gets US FDA final nod for anti-depressant Paroxetine tablets
Following are the resistance and support levels for key pharmaceutical stocks for next week as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-Week Change in % | Resistance | Support |
| Abbott India | 26,270.00 | 0.50 | 26,830.00 | 25,710.00 |
| Alkem Laboratories | 5,258.00 | (-)1.60 | 5,404.70 | 5,001.70 |
| Aurobindo Pharma | 1,333.70 | 1.50 | 1,385.70 | 1,240.10 |
| Biocon | 352.55 | (-)4.70 | 373.70 | 331.60 |
| Cipla | 1,192.40 | (-)4.00 | 1,215.80 | 1,154.00 |
| Divi's Laboratories | 5,848.50 | (-)2.50 | 6,010.50 | 5,566.50 |
| Dr Reddy's Laboratories | 1,217.30 | (-)5.00 | 1,257.60 | 1,147.40 |
| Gland Pharma | 1,688.60 | (-)2.10 | 1,737.00 | 1,627.80 |
| GlaxoSmithKline Pharmaceuticals | 2,311.50 | 2.30 | 2,382.30 | 2,226.50 |
| Glenmark Pharmaceuticals | 2,091.80 | (-)3.60 | 2,184.10 | 1,920.30 |
| Granules India | 613.60 | (-)1.70 | 633.70 | 592.20 |
| Ipca Laboratories | 1,488.30 | (-)6.20 | 1,553.10 | 1,400.10 |
| Laurus Labs | 1,042.90 | 3.40 | 1,084.50 | 973.40 |
| Lupin | 2,274.50 | (-)2.60 | 2,359.40 | 2,127.60 |
| Natco Pharma | 1,027.55 | 5.00 | 1,064.90 | 959.80 |
| Pfizer | 4,875.00 | 3.90 | 5,010.80 | 4,672.20 |
| Sanofi India | 3,265.00 | 2.30 | 3,338.90 | 3,138.10 |
| Sun Pharmaceutical Industries | 1,693.60 | (-)5.60 | 1,751.20 | 1,591.20 |
| Torrent Pharmaceuticals | 3,987.20 | (-)6.50 | 4,202.70 | 3,763.30 |
| Zydus Lifesciences | 864.25 | (-)3.60 | 885.80 | 824.80 |
| Index | Levels | |||
| Nifty Pharma | 21808.40 | (-)3.40 | 22305.50 | 20901.30 |
| Nifty 50 | 22713.10 | (-)0.50 | 23159.10 | 21959.60 |
| S&P BSE Sensex | 73319.55 | (-)0.40 | 74834.00 | 70788.60 |
End
Reported by Eshitva Prakash
Edited by Ashish Shirke
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