Pharma companies gain on defensive buying

Shares of Indian pharmaceutical companies perceived as defensive gain on risk aversion after overseas investors sold 2.67 billion rupees worth of Indian shares on Friday, extending their selling streak to a seventh day, provisional exchange data shows, dealers say.

"Stable cash flows and lower volatility of Indian pharma stocks are leading to some flows in the sector ahead of key events like Yellen's speech and inflation data," a dealer said.

Sun Pharmaceutical Industries Ltd gains 1.8 percent, Dr.Reddy's Laboratories Ltd is up 1.9 percent and Cipla Ltd is higher 1.2 percent.

Caution is also seen ahead of consumer price inflation and industrial output data due later in the week.

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