The Nifty Pharma index surged to an all-time high of 22,587.95 on Wednesday, August 21, and has outperformed the Nifty 50 benchmark, growing 10 per cent in the last month. Divi’s Laboratories was the top gainer on the pharma index today and added 3.76 per cent on a report of a favourable US court ruling on a drug.
Rising for the fifth straight session, the NSE Nifty went up by 71.35 points or 0.29 per cent to end at 24,770.20 earlier today. The benchmark rose 0.98 per cent in the last one month, against the pharma index’s 10 per cent rise.
“The Indian market traded on a tight range with a positive bias supported by strong DII flows. The defensive sector outperformed due to a continued shift in portfolio towards FMCG, consumer, commodities, and pharma. Global markets exhibited a mildly cautious tone ahead of the release of the FOMC minutes later today. The expectation of a rate cut remains high, given the fall in US inflation and moderation in overall growth,” said Vinod Nair, Head of Research, Geojit Financial Services.
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