But analysts said it was unlikely there would be a repeat of the pharma rally seen during the previous waves of COVID-19.
"It's unwise to chase pharma stocks just on hopes that they will do very well because COVID-19 is coming back," said Neeraj Dewan, director, Quantum Securities. The "fear of the unknown" that caused the correction in 2020 is not prevalent anymore, he added. Deven Choksey, managing director at KRChoksey Holdings, said the pharma rally will most likely be a short-term phenomenon, noting that many diagnostics stocks were trading at high valuations.Our Standards:
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