Shares of 12 pharmaceutical companies fell by 0.82% to 5.8% at 12:52 IST on BSE as the rupee edged higher against the dollar.
IPCA Laboratories (down 5.8%), Glenmark Pharmaceuticals (down 4.88%), Sun Pharmaceutical Industries (down 4.84%), Dr. Reddy's Laboratories (down 4.17%), Ranbaxy Laboratories (down 3.72%), Divi's Laboratories (down 3.65%), Wockhardt (down 3.55%), Aurobindo Pharma (down 3.22%), Lupin (down 3.17%), Cadila Healthcare (down 2.63%), Biocon (down 2.21%) and Cipla (down 0.82%), edged lower.
The S&P BSE Sensex was up 208.39 points, or 0.86% at 24,330.13.
In the foreign exchange market, the rupee edged higher against the dollar on expectations of continued robust foreign buying in domestic shares and debt after the Bharatiya Janata Party (BJPL) swept the country's Lok Sabha elections. The partially convertible rupee was hovering at 58.4450, compared with its close of 58.79/80 on Friday, 16 May 2014.
A firm rupee impacts the value of overseas earnings in local terms. Pharma companies derive substantial revenue from exports.
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