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Shares of drug manufacturers jumped on US FDA approvals. Nifty Pharma index rose as much as 1.8 per cent to its highest since May 19, and the index was on track to post sixth straight session of gains.
Aurobindo Pharma Ltd jumped as much as 8.2 per cent to Rs 794.70, its highest since November 11, as the company has got US FDA approval for its chronic kidney disease drug.
Cadila Healthcare Ltd rose as much as 3.1 per cent to Rs 540.90 as it has launched a drug to treat ulcerative colitis in the US market.
More than 7.4 million Aurobindo shares traded, compared with the 30-day average of 3.4 million. Analysts say pharma stocks like Aurobindo, Cadila and Lupin Ltd are riding on the optimism of getting more approvals in the US.
As of Tuesday's close, Aurobindo Pharma shares had gained 9.7 per cent this year, while Cadila shares were up 47.1 per cent.
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