Nifty Pharma index set to post sharpest monthly rally in 9 years

Nifty Pharma index hit a fresh 52-week high of 10,390 in intra-day on Friday, rallying 13% thus far in the month of August, its sharpest monthly gain since September 2009.

Shares of pharmaceutical companies were on a roll with the Nifty Pharma index set to post its sharpest rally in past nine years on the back of a strong rally in Sun Pharmaceutical Industries, Aurobindo Pharma, Glenmark Pharma and Dr Reddy’s Laboratories.

At 12.03 pm; Nifty Pharma index, the largest gainer among sectoral indices, was up 2.2% at 10,340, as compared to 0.11% decline in the Nifty 50 index.

The pharma index hit a fresh 52-week high of 10,390 in intra-day on Friday, rallied 13% thus far in the month of August. In comparison, the Nifty 50 index