Pharma stocks rally led by Divis Labs, Cipla; Lupin, Sun Pharma gain 3% each

Lupin gained over 5 percent followed by Sun Pharma and Dr Reddy's Labs up 3 percent each while Biocon, Cadila Healthcare and Aurobindo Pharma were the other gainers.

The Indian stock market has shown some handsome gains on August 10 with Sensex up 352.04 points or 0.93 percent at 38392.61, and the Nifty jumped 112.20 points or 1 percent at 11326.20.

Among the sectors, the pharma index surged over 5 percent led by Cipla which jumped over 8 percent after the company reported a 26.6 percent year-on-year growth in its Q1 FY21 consolidated profit at Rs 566 crore, backed by strong performance by India, emerging markets and Europe geographies and robust operating margin.

Morgan Stanley remains overweight on the stock with target at Rs 847 per share, while Citi has upgraded the stock to buy with target of Rs 860 per share, according to a report by CNBC-TV18.

The stock was one of the most active stocks on NSE in terms of volumes with 2,31,52,680 shares being traded on NSE.

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