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FINDING ITS MOJO BACK
Indian Economy & Market
|December 2023
After a hiatus, Indian pharma shares surged, outperforming frontline indices, driven by US market gains, cost cuts, and successful product launches.
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Over the past couple of quarters, the Indian equity benchmark indices have witnessed a significant rally, breaking away from their previously observed range-bound fluctuations. This momentum has propelled the indices to their life time high and, consequently leading to gains of around 10-11 per cent for both the BSE Sensex and Nifty 50 year till date. Nevertheless, from the lows of March 2023 these indices are up by almost 20 per cent. The robust performance can be attributed to an overarching positive sentiment that goes beyond the broader market and encompasses specific industries as well. Notably, the Nifty Pharma, an index tracking the pharmaceutical industry, has demonstrated exceptional resilience.
It outperformed many sectors with a remarkable surge of nearly 27 per cent over the same six-month period. Sizeable foreign investments in the industry, coupled with impressive quarterly performances from pharmaceutical companies, have been instrumental in fueling the strong upswing.
This story is from the December 2023 edition of Indian Economy & Market.
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