Shares of a majority of pharmaceutical companies traded higher in Tuesday's afternoon trade, pushing the Nifty Pharma index to a fresh record high. Stocks such as Gland Pharma Ltd, Aurobindo Pharma Ltd, Laurus Labs Ltd, Biocon Ltd, IPCA Laboratories Ltd and Sun Pharmaceutical Industries Ltd touched their respective 52-week high levels.

Other pharma stocks, including Wockhardt Ltd, Lupin Ltd, Divi's Laboratories Ltd, Zydus Lifesciences Ltd, Torrent Pharmaceuticals Ltd, JB Chemicals & Pharmaceuticals Ltd, Mankind Pharma Ltd, Glenmark Pharmaceuticals Ltd and Ajanta Pharma Ltd, also traded higher during the session.

Market expert Ambareesh Baliga said the pharma sector remains an evergreen story amid a falling rupee. India's export-focused pharma sector emerged as a bright spot as the depreciating rupee enhanced the appeal of dollar-linked revenues and supported margin expansion.

Indian pharma companies are among the direct beneficiaries of a weakening rupee. The sector is also witnessing support from rising global demand for generic weight-loss drugs.

The Indian rupee slipped to a fresh record low of 96.38 against the US dollar as import-dependent India continued to grapple with rising crude oil prices and higher imports of gold and silver.

VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that export-oriented sectors like pharmaceuticals will continue to be resilient in the present context.

Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd (MOFSL), stated, "Pharmaceutical stocks are expected to remain in focus going forward, supported by persistent rupee weakness, improving export competitiveness, and continued strength in domestic healthcare demand. The sector is also likely to benefit from its relatively defensive earnings profile amid ongoing global macro uncertainty and rising volatility across broader markets."