Pharma stocks are top sectoral gainers in trade

Updated: Jan 31st, 2024

image: IANS

Pharma and healthcare stocks are top gainers today with the index up 2.7%.

Today, BSE Healthcare index is the top gainer among all sectoral indices.

Sun Pharma is the top Sensex gainer with gains of more than 3%. Dr Reddy’s is up more than 4%. Max Healthcare is up 6%.

Gland Pharma is up 6%, Wockhardt is up 4%, Alembic Pharma is up 6%.

The Fed decision tonight and the interim Budget tomorrow will weigh on markets in the near-term, said VK Vijayakumar, chief investment strategist.

Global markets will be keenly watching the Fed comment on the timeline and quantum of rate cuts. The first rate cut is likely to come in June 2024. The decline in the 10-year yield to 4.02% is positive since it will restrain FPI outflows, he said.

The domestic market will be focused on the interim Budget particularly on any proposals regarding taxation of investments relating to the capital market. The fiscal deficit and its glide path also is important since growth with stability is hugely important from the market perspective, he said.

Stock specific movements are likely in response to sectoral allocations in the Budget, he added.

(Source: IANS)

- Edited for style

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