Twelve pharma stocks rose by 0.2% to 3.55% at 12:15 IST on BSE as rupee slumped to its lowest level in nine months against the dollar today, 20 November 2014.
Meanwhile, the S&P BSE Sensex was down 75.07 points or 0.25% at 27,961.43.
Among pharma stocks, Sun Pharmaceutical Industries (up 0.76%), Ranbaxy Laboratories (up 2.51%), Aurobindo Pharma (up 0.2%), Cipla (up 1.38%), Lupin (up 0.61%), Wockhardt (up 1.2%), Dr Reddy's Laboratories (up 0.2%), Strides Arcolab (up 2.43%), Shasun Pharmaceuticals (up 2.1%), Indoco Remedies (up 0.25%), Elder Pharmaceuticals (up 3.55%), Divi's Laboratories (up 1.84%), and Amrutanjan Health Care (up 6.56%) gained.
The S&P BSE Healthcare index had outperformed the market over the past one month till 19 November 2014, rising 9.88% compared with the Sensex's 7.37% rise. The scrip had also outperformed the market in past one quarter, gaining 15.92% as against Sensex's 6.1% rise.
In the foreign exchange market, the rupee slumped to its lowest level in nine months today, 20 November 2014, tracking the dollar's strength against major currencies and other Asian peers, while state-owned banks' dollar demand for Iran oil payments also weighed. The partially convertible rupee was hovering at 62.115, compared with its close of 61.96 during the previous trading session. The rupee fell to as low as 62.25 per dollar so far in intraday trade.
Weakness in rupee could boost sales of pharma companies in rupee terms as pharma firms derive substantial revenue from exports.
Powered by Capital Market - Live News