Nifty Pharma index emerged as the top sectoral loser on NSE in the morning deals on Monday, weighed down by the shares of Sun Pharmaceutical Industries, which slumped as much as 10 per cent.
Sun Pharma rose over 3 per cent to an intra-day high of Rs 670.90 on the NSE after the drug maker announced USFDA approval of XELPROS to treat open-angle Glaucoma or Ocular Hypertension.
Nifty Pharma index hit a 52-week high of 10,142, rising 2%, in early morning deal, surpassing its previous high of 10,063 recorded on November 3, 2017 in intra-day trade on the NSE.
At 11:23 am; Nifty Pharma index, the largest gainer among sectoral indices, was up 2.2% at 9,310, surging 8.2% thus far in current week.
Analysts attribute the run-up in pharma stocks to positive corporate announcements on the US drug regulatory front
Marksans Pharma, Alembic Pharma, Caplin Point Lab, Ajanta Pharma, Bliss GVS Pharma, Granules India, Aurobindo Pharma and Wockhardt were up in the range of 10% to 30% in past one week.
Sun Pharma, Cadila Healthcare, Dr Reddy's Laboratories, Cipla, Glenmark Pharma and Lupin from the Nifty Pharma index were up in the range of 2% to 3% on the NSE.
Divi's Lab biggest gainer with over 50% rise in one month
At 12:05 pm; the Nifty Pharma index was up 1.3% at 9,703, surging 11% from 8,758 hit on May 29, 2017
Lupin, Divis Lab, Aurobindo, Dishman Pharma, Jubilant Life, Natco Pharma and Pfizer were down 3%-7% on BSE.