Pharma stocks in demand as market looks for safety.

Pharmaceutical companies are back in vogue on the bourses as investors look to defensive sectors in a market trading at record high levels. Shares of various pharma companies, such as RPG LifeBSE -1.12 % Science, IPCA Lab, Dr Reddy's and WockhardtBSE -2.50 %, have gained between 20 per cent and 50 per cent in the past month.According to analysts, Sun PharmaBSE 0.57% and CiplaBSE -0.01 % are top bets in the sector.

On Thursday , pharma stocks including Ipca Lab, Dr Reddy's, Torrent Pharma, FDC and Divi's LabBSE -1.85 % gained between 5 per cent and 16 per cent. BSE's healthcare index rose 2.7 percent, while the Sensex ended almost flat.

In the past few days, several fund managers have started accumulating pharma stocks. Analysts have upgraded their ratings in several stocks, such as Divi's Lab, Dr Reddy's Lab, Sun Pharma, Ajanta PharmaBSE -1.16% and Torrent Pharma in the past month.

"The market has scaled to a new high without any strong earnings growth visibility. Under such
circumstances, investors are looking at pharma stocks as a safe haven.

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