BSE Healthcare index in the pink of health

Ranbaxy Laboratories advanced 3.65% to Rs 462, Cipla rose 2.82% to Rs 213.10, and Sun Pharma gained 3.03% to Rs 1263, on the back of favourable announcements made in Union Budget 2008-09.

Meanwhile, BSE Sensex was down 571.06 points or 3.25% to 17,007.66 as Asian stocks fell sharply amid growing concerns about the global impact of a US slowdown.

The BSE Healthcare index gained 1.24% to 3,977.36, and was the top performing sectoral index on BSE.

The BSE Healthcare index outperformed the market over the past one month till 29 February 2008, gaining 9.03% compared to the Sensex’s decline of 0.40%. It also outperformed the market in the past one quarter, rising 2.77% compared to Sensex’s decline of 9.22%.

Among other pharma stocks, Lupin (up 2.54% to Rs 570), Glaxo Smithkline Pharma (up 0.50% to Rs 607), Unichem Laboratories (up 2.22% to Rs 154), Biocon (up 1.05% to Rs 451), Aurobindo Pharma (up 3.26% to Rs 340.50), and Nicholas Piramal (up 0.58% to Rs 275.75), advanced.

Pharma stocks rose after Finance Minister cut excise duty from 16% to 8% for all pharmaceutical products. FM also cut customs duty on life-saving drugs and bulk drugs used in manufacture of Anti-AIDS drug by 5%.

He also announced provision of 125% weighted deduction on expenditure for outsourced research