Shares of eight pharma companies rose by 0.03% to 1.14% at 10:25 IST on BSE after a further drop in rupee against the dollar.
Meanwhile, the S&P BSE Sensex was down 4.13 points or 0.06% at 24,757.61.
Sun Pharmaceutical Industries (up 0.37%), Alembic Pharmaceuticals (up 0.8%), Dr Reddy's Laboratories (up 0.73%), Glenmark Pharmaceuticals (up 0.38%), Venus Remedies (up 1.27%), Pfizer (up 0.07%), Novartis India (up 0.03%), and Cadila Healthcare (up 1.14%) gained. Cipla (down 0.07%) and Lupin (down 1.04%) declined.
Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 67.3675, compared with its close of 67.29 during the previous trading session.
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