Pharma stocks may hold ground as volatility grips global markets

Stock market experts are of the opinion that pharma stocks may prove safer bets in the long term, given their steady business prospects.

The Nifty Pharma index was down 1.76 per cent on Friday compared to a 568-point or nearly 3.8 per cent slide in the Nifty50 on weak global cues.

So far, in CY21, the Nifty Pharma index has slipped 7.6 per cent, against a 3.9 per cent gain in the Nifty50, as investors booked profit post a stupendous 60 per cent rally in CY20, compared with a 15 per cent rally in Nifty50.

Consequently, price-earnings (PE) valuation of the Pharma index