Pharma scrips spurt on FII support

DALAL STREET SPIKES

Domestic pharma stocks are in limelight on back of strong buying support from institutional investors. Pharma pivotals Cipla was up 3.73 per cent to Rs 296.05, Dr Reddy's Labs was up 1.19 per cent to Rs 736.85 and Ranbaxy Labs was up 1.30 per cent to Rs 1,090.65 on renewed buying interest after recent weakness.

Even the second rung pharma stocks have attracted renewed buying of late, said market sources. Second rung pharma company Aurobindo Pharma gained 4.3 per cent to close at Rs 373.30 on the back of strong volumes of more than 1.71 lakh shares on BSE.

Market sources suggested there is renewed buying interest among mid-cap pharma stocks. The BSE health care index, representative of pharma and healthcare stocks was the third biggest gainer among the various indices, up 1.46 per cent to 2,603.10.