Stocks of the pharma sector hit fresh highs. Know why

The entire pharma sector was abuzz with long positions as many companies hit fresh highs and traders remained bullish about the prospects of these exporters in the face of a weakening Rupee.

The CNX Pharma Index was the top gainer on the National Stock Exchange, jumping 2.6 percent to 13,317 points. The Index has gained 40 percent in the last one year. The Advance-Decline Ratio on this Index was 9:1.

Pharma stocks dominated the benchmark Nifty as well, with the top three gainers' slot being taken by medicine companies. Sun Pharma jumped 3.7% to 922 rupees. Lupin was up 2.6 percent to 1,795 rupees and Cipla gained 2.5% to 700 rupees in the Index.

Stocks trading near fresh highs in the sector included Divi's, Glenmark, Aurobindo Pharma, Cadila Health and Dr. Reddy's

Smaller pharma companies notched up even larger gains. Ajanta Pharma, Sanofi, Torrent Pharma and Natco Pharma were all up strongly in trade.

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