The Nifty Pharma index surged 5.7% to 8,891.60, rising for the fourth consecutive trading session.
The index advanced 26.56% in four trading sessions from its previous closing low of 7025.70 posted on 1 April 2020.Cipla (up 13.40%), Lupin (up 11.25%), Divi's Laboratories (up 7.02%), Sun Pharmaceutical Inds (up 6.79%), Aurobindo Pharma (up 5.2%), Glenmark Pharmaceuticals (up 4.67%), Biocon (up 1.94%), Piramal Enterprises (up 1.6%) and Cadila Healthcare (up 1.31%) were top gainers in pharmaceutical space.
Pharma stocks continued to be in demand after the government allowed export of select active pharmaceutical ingredients (API), including antibiotics, vitamins and hormones as well as their formulations, that were placed under restriction early last month.
The government had imposed the restrictions last month as the coronavirus outbreak disrupted global supply chains.
Further, India will also supply paracetamol and hydroxychloroquine in "appropriate quantities" to all neighbouring countries and nations who badly need the medicines in wake of coronavirus crisis. The export of hydroxychloroquine and paracetamol will be now taken up on a 'case-to-case basis', depending on the availability of stock after meeting domestic requirements, reports suggested.
Hydroxychloroquine tablet is used to prevent and treat malaria, lupus and rheumatoid arthritis, among other ailments, while paracetamol is used to treat pain and fever. The United States has been touting hydroxychloroquine as a potential drug that can cure Coronavirus.
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