Positive on pharma; Sun Pharma, Dr Reddy's, Lupin: Patnaik

Tirthankar Patnaik, EVP - Institutional Sales at Religare Capital Markets told CNBC-TV18, "We believe that some amount of profit booking has happened, but our top-down perspective remains very favourable on the financial space."

"We are about 350 bps above the Nifty in terms of an overweight in our model portfolio on the pharmaceutical space and stocks that we like here continue to be Sun Pharmaceutical, Dr Reddy's and Lupin in that order. We will maintain our positive stance on the sector," Patnaik said.

At 13:24 hrs Sun Pharmaceutical Industries was quoting at Rs 603, down Rs 5.80, or 0.95 percent.

The share touched its 52-week high Rs 650 and 52-week low Rs 364.53 on 10 October, 2013 and 25 January, 2013, respectively.