The top gainers included Aurobindo Pharma which gained over 4 percent followed by Cipla, Dr Reddy's Labs, Lupin and Sun Pharma which added 3 percent each.
The Indian stock market is trading on a positive note with Sensex up 119.24 points or 0.31 percent at 38875.87, and the Nifty gaining 37.80 points or 0.33 percent at 11477.80.
Among the sectors, the pharma index jumped 3 percent led by Aurobindo Pharma which gained over 4 percent followed by Cipla, Dr Reddy's Labs, Lupin and Sun Pharma which added 3 percent each.
Biocon, Cadila Healthcare and Divis Labs gained 2 percent each.
Dr Reddys Laboratories was trading at Rs 4,526.00, up Rs 161.35, or 3.70 percent. The company announced the launch of Remdesivir, meant for treatment of COVID-19 patients, under a brand name ''Redyx'' in India.
Pharma is one sector that has been consolidating for some weeks and it is likely to show strength as a defensive play when markets witness selling pressure, says Umesh Mehta of Samco Group.The S&P BSE Healthcare index gained over 2 percent led by JB Chemicals which jumped over 10 percent after declaring its Q1 earnings. This was followed by Caplin Point, Marksans Pharma, Aurobindo Pharma, Unichem Labs, Indoco Remedies and Cipla which added 2-3 percent each.