All the 10 constituents of the Nifty Pharma index were trading in the green.
Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635
The performance of banking stocks is likely to weigh on the markets
Torrent Pharmaceuticals also rose 15 per cent to a fresh 52-week high of Rs 2,380
Aurobindo Pharma moved higher by 20 per cent to Rs 449, and witnessed 32 per cent rally in the intra-day deal.
Sectorally, metal and pharma stocks gained the most. Nifty Metal index climbed 5.6 per cent to 2,321 levels while Nifty Pharma index ended at 7,921, up over 5 per cent
Wockhardt, Strides Pharma Science, Alembic Pharmaceuticals, Pfizer and IOL Chemicals & Pharmaceuticals were up in the range of 5 per cent to 9 per cent in intra-day trade today.
Glenmark Pharma is continuously going down from Rs 600 levels and is not showing any sign of recovery.
Glenmark Pharmaceuticals plunged 9 per cent, while Dr Reddy's slipped 8 per cent in intra-day trade
In the last five sessions, the index has been hovering at 200-days moving average (DMA) located around 9230, as per daily chart. A major trigger for a bigger run stays at 9350 levels
Nifty Pharma index emerged as the top sectoral loser on NSE in the morning deals on Monday, weighed down by the shares of Sun Pharmaceutical Industries, which slumped as much as 10 per cent.
Sun Pharma rose over 3 per cent to an intra-day high of Rs 670.90 on the NSE after the drug maker announced USFDA approval of XELPROS to treat open-angle Glaucoma or Ocular Hypertension.
Nifty Pharma index hit a 52-week high of 10,142, rising 2%, in early morning deal, surpassing its previous high of 10,063 recorded on November 3, 2017 in intra-day trade on the NSE.
At 11:23 am; Nifty Pharma index, the largest gainer among sectoral indices, was up 2.2% at 9,310, surging 8.2% thus far in current week.
Analysts attribute the run-up in pharma stocks to positive corporate announcements on the US drug regulatory front
Marksans Pharma, Alembic Pharma, Caplin Point Lab, Ajanta Pharma, Bliss GVS Pharma, Granules India, Aurobindo Pharma and Wockhardt were up in the range of 10% to 30% in past one week.
Sun Pharma, Cadila Healthcare, Dr Reddy's Laboratories, Cipla, Glenmark Pharma and Lupin from the Nifty Pharma index were up in the range of 2% to 3% on the NSE.
Divi's Lab biggest gainer with over 50% rise in one month
At 12:05 pm; the Nifty Pharma index was up 1.3% at 9,703, surging 11% from 8,758 hit on May 29, 2017
Lupin, Divis Lab, Aurobindo, Dishman Pharma, Jubilant Life, Natco Pharma and Pfizer were down 3%-7% on BSE.