The Nifty Pharma index jumped 2.6% to hit an intraday high of 24,182.65 points on Wednesday, May 6, according to NSE data. As reported by The Economic Times, the sectoral benchmark was trading 2.5% higher at 24,170 points as of 1:17 pm, compared to the previous market close of 23,568.95 points. The strong performance was driven by corporate earnings, company updates and regulatory approvals that made pharma stocks more attractive among investors amid mixed global cues. The broader market also showed positive momentum with Nifty 50 rising 0.4% to 24,127.90 and BSE Sensex adding 0.31% to 77,260.52 as of 10:05 am IST, led by banking stocks following the government's approval of a $1.9 billion credit guarantee programme to support businesses affected by the Iran war.
Wockhardt emerged as the largest mover of the day, with shares trading on positive buying momentum due to exceptional quarterly results. According to NSE filings, Wockhardt recorded a 317% year-on-year increase in net profits to ₹167 crore in the fourth quarter, along with a 45% rise in revenue from core operations and overall growth across biotech and India-branded business segments. Ajanta Pharma also delivered strong results with a 18% jump in net profits after tax (PAT) in the fourth quarter, driven by strong revenue increases. As reported by The Economic Times, investors were not just trading based on easing geopolitical situations in West Asia but also investing in quality defensive stocks away from lower crude oil price-related bets.
Aurobindo Pharma received the United States Food and Drug Administration (FDA) green light, concluding its inspection and stating that the company has an oral solid dosage manufacturing unit in Telangana. According to The Economic Times, Alkem Laboratories secured a significant win with the Mumbai GST commission dropping a ₹69.65 crore GST demand notice, along with interest and penalty payable of the same amount. Index heavyweight Sun Pharma was also subjected to value buying momentum after uploading its Organon acquisition investor meeting commentary on stock exchanges.
Wockhardt shares have gained 37% in the past one month and delivered more than 22% returns on investment so far in 2026, with the stock up over 25% in the last five market sessions. As reported by The Economic Times, Ajanta Pharma stock has delivered 13% returns in the past one month and gained 5.5% on a year-to-date basis in 2026, trading over 10% higher in the last five sessions. Alkem Lab shares have risen over 7% in the past month and over 2% year-to-date, while Aurobindo Pharma has delivered more than 10% returns in the past month and over 23% gains year-to-date. Sun Pharma shares have delivered more than 9% returns in the last one month period and over 7% gains so far in 2026.
