Nifty Pharma may have bottomed out; Aurobindo, Glenmark can rally up to 10%

The Nifty Pharma index has crossed its near-term resistance at 13,700, and may spurt another 1.5 per cent.

Shares of pharmaceuticals companies were seen in demand on Monday, with the likes of Aurobindo Pharma and Glenmark surging 5 per cent and 4 per cent, respectively.

Other stocks like Strides Pharma Science,  Laurus Labs and Granules India also gained over 3 per cent each. Most stocks in Nifty Pharma index were trading with the positive bias.

The Nifty Pharma index had declined 17 per cent decline from its all-time high of 14,398 level in the recent sell-off. The index is likely to see some upside in the near term, with more promising returns see in select pharma shares.