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Mankind, other pharma stocks rally up to 7%; Nifty Pharma scales fresh peak. What lies ahead?
After opening lower, the Nifty Pharma index reversed losses and climbed nearly 1% to cross the 25,000 mark. The sectoral index also touched a fresh 52-week high of 25,043 during early trade before trimming some gains.
The Indian currency fell to 96.96 per dollar, breaching its all-time low of 96.6150 hit in the previous session. The currency is down 6% since the Iran war began in late February. A falling rupee is typically considered a positive for the export-heavy pharma sector.
Top pharma gainers today
Zydus Lifesciences shares were the top gainers on the index, jumping over 7% to hit a fresh 52-week high of Rs 1,091 apiece on NSE after the pharma company reported a 9% year-on-year (YoY) rise in consolidated net profit to Rs 1,272.5 crore for the January-March quarter of FY26. Revenue from operations, meanwhile, rose more than 16% YoY to Rs 7,587 crore during the quarter under review.Along with the Q4 results, Zydus Lifesciences announced its biggest-ever share buyback worth Rs 1,100 crore via the tender route at a buyback price of Rs 1,150 per share, offering nearly a 13% premium over the stock’s previous closing price. Its board has also recommended a final dividend of Re 1 per share (100%) on a face value of Re 1 each, subject to shareholders’ approval at the company’s Annual General Meeting scheduled for August 11.
Mankind Pharma shares followed, surging over 3%. This comes after the company reported a 32% YoY rise in consolidated net profit to Rs 554 crore for the fourth quarter of the financial year 2026, from Rs 421 crore in the corresponding quarter of the previous financial year. The firm’s revenue from operations rose 12% YoY to Rs 3,443 crore during the quarter under review.
Laurus Labs, Aurobindo Pharma, and Biocon shares gained around 1% each, while those of Lupin, Sun Pharma, Cipla, Torrent Pharma, and Divi’s Laboratories were trading in the green with marginal gains, as seen at 11 am. Bucking the trend, however, Ajanta Pharma, Piramal Pharma, Gland Pharma, Dr Reddy’s Labs, Abbot India, Glenmark, Alkem Labs, and IPCA Labs shares fell up to 1%.
What lies ahead?
Nifty Pharma’s technical structure remains constructive after the index touched a fresh 52-week high today, according to Harshal Dasani, Business Head at INVasset PMS, who said that this is significant as it has come at a time when the broader market is still dealing with global risk-off pressure, currency weakness, and uneven earnings delivery. The relative strength in pharma counters suggests capital is rotating into sectors with better earnings visibility, not merely chasing momentum, he added.“The index has been forming a clear higher-high, higher-low pattern, and the latest breakout keeps the medium-term trend in favour of buyers as long as it holds above the recent breakout zone. The immediate support now sits around 24,700 to 24,800, while a stronger cushion is visible near 24,400. A close below that band would weaken the breakout and indicate profit-booking rather than trend continuation,” according to Dasani.
The risk-reward remains favourable, but the entry point is no longer fresh after a sharp move, the analyst said. “The cleaner setup would come on controlled pullbacks rather than vertical rallies. The key confirmation from here is breadth. If participation remains broad across large pharma, domestic formulations and speciality businesses, the breakout could extend. If leadership narrows, the index may pause before attempting the next leg,” he added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Last week, the BSE benchmark Sensex climbed 663.44 points, or 0.86 per cent, and the NSE Nifty rose 214.85 points, or 0.89 per cent.
Markets ended the week on a firm footing, supported by resilient domestic macroeconomic indicators, healthy GST collections and improving industrial activity, Ajit Mishra, SVP, Research, Religare Broking Ltd, said.
“Expectations of a more accommodative global monetary policy following softer-than-expected US labour market data further strengthened investor sentiment,” he added.
The market valuation of Bharti Airtel jumped Rs 36,529.21 crore to Rs 11,63,877.30 crore, the most among the top-10 firms.
Bajaj Finance added Rs 33,059.83 crore, taking its valuation to Rs 6,43,141.36 crore.
ICICI Bank‘s valuation surged Rs 16,084.29 crore to Rs 10,11,695.03 crore, and that of Life Insurance Corporation of India (LIC) climbed Rs 8,601.99 crore to Rs 5,44,139.55 crore.The market capitalisation (mcap) of HDFC Bank rallied Rs 7,664.89 crore to Rs 12,33,646.33 crore, and that of Hindustan Unilever edged higher by Rs 6,461.38 crore to Rs 5,17,086.30 crore.
However, the mcap of Larsen & Toubro tumbled Rs 26,572.2 crore to Rs 5,53,978.63 crore.
The mcap of Reliance Industries eroded by Rs 18,945.56 crore to Rs 17,64,981.36 crore, and that of State Bank of India (SBI) declined by Rs 4,846.08 crore to Rs 9,59,891.92 crore.
The market valuation of Tata Consultancy Services (TCS) dipped by Rs 1,031.15 crore to Rs 7,57,175.27 crore.
Reliance Industries remained the country’s most valued firm, followed by HDFC Bank, Bharti Airtel, ICICI Bank, SBI, TCS, Bajaj Finance, Larsen & Toubro, LIC and Hindustan Unilever.
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