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Pharma stocks were trading marginally up during Thursday’s afternoon trade. Most stocks, except Cadila, were trading in the green. This did bring some cheer on a rather dreary market day.
Divi’s lab led the pack, gaining over 3%, followed by Aurobindo Pharma, Piramal Enterprises, Lupin and Dr.Reddy’s received traction over 2%.
During mid-morning trade, the Nifty Pharma index rose nearly 2% to hit a six-month high. However, during afternoon trade, it erased some of its gains to settle at about 1.6%. Further, the S&P BSE Healthcare index was also up 1.36%.
This positive reaction to pharma stocks comes on the back of the rupee depreciating by about 14 paise, erasing morning gains when it was trading 5 paise higher against the dollar. Since pharma is an export-dominant sector, this situation is considered positive for them.
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