Share of Sun Pharma gained over 6% in Wednesday's trade to touch a fresh 52-week high amid a jump in pharma index today.
Sun Pharma share opened at Rs 614.45 and gained 6.38% to the intraday high as well as new 52-week high of Rs 648.3, against the last close of Rs 609.40 on BSE. Sun Pharma share has risen 12% in the last 4 days.
Market capitalisation of the firm stood at Rs 1,50,986.42 crore as of today's session. Sun Pharma share stands higher than its 5, 20, 50, 100 and 200 day moving averages. The stock has earlier touched a 52-week low of Rs 315.20. Share of the private lender, with Rs 1 face value has risen 50% in one year.
Sun Pharma stock price has gained 10% in one week, 5% in one month and 6.3% since the beginning of the year.
Meanwhile, Nifty Pharma index surged over 4% today. This was in line with Sensex and Nifty that hit fresh lifetime highs of 50,526 and 14,868 during today's session.
Besides Sun Pharma, Cipla, Torrent Pharma rose over 5% intra-day deals. Dr Reddy's, Divi's Labs, Cadila Health and Lupin shares added 2.5-5%, followed by over 1% gain each in Aurobindo Pharma and Alkem Lab.
Traders said market sentiments was upbeat on pharma stocks after Budget 2021, in which finance minister announced a new scheme called the PM Atmanirbhar Swasth Bharat Yojana with a budgetary outlay of Rs 64,180 crore spread over six years. FM has provided Rs 35,000 crore for Covid-19 vaccine in BE 2021-22.
Ministry of Health and Family Welfare today said, "In a significant achievement, India has become the fastest country in the world to reach the 4 million COVID19 vaccination mark."
"Nifty pharma consolidated for more than 5 months after it doubled from its March low of 6,343. We expect nifty pharma can give a run upto previous highs of 13,476. We if look at the results reported by the pharma company all are in line with the expectation and even some are better than the expectations, the USA and the domestic market has done well for Indian companies in Q3FY21 while API growth momentum looks weak this quarter," said Yash Gupta, Equity Research Associate at Angel Broking.