With this, the Nifty Pharma index has surged up to 8% in the past month, strongly outperforming the Nifty 50’s less than 2% upmove.
At 1.52 pm, the Nifty Pharma index was trading 1.34% higher at 23,185.20 on the NSE.
Gains in the sector were led by Natco Pharma, Alkem Laboratories, Torrent Pharmaceuticals, and Laurus Labs, along with others like Glenmark Pharmaceuticals, Cipla, Zydus Lifesciences, and Divi’s Laboratories — all of which were up 2-2%.
Nifty Pharma has gained 60% from its 52-week low of 14,544.25, which it had hit in December 2023.
Since December 26 last year, most index constituents of the Nifty Pharma have traded in the positive territory with gains led by Glenmark Pharmaceuticals (up 131%), Granules India (up 119%), Zydus Lifesciences (up 101%), Lupin (up 96%), Natco Pharma (up 94%) have been some of the outperformers.
Meanwhile, the Sensex was up 280.90 points or 0.34% at 82,415.51, and the Nifty was up 85.80 points or 0.34% at 25,237.80.
Speaking to CNBC-TV18, Balaji V Narayanan, Director at NAFA Asset Managers said, “So current positioning is we are not extremely bearish in the markets. We are still able to find a lot of value, especially in the midcap and the smallcap space. So currently, we have cash levels of about 8%, 10%.”
As far as the financials are concerned, Narayanan continued to be underweight on financials. “And we have been underweight on financials for the last two to two and a half years and I think that is going to continue for some more time. Also we are zero on PSUs.”