The Nifty Pharma index scaled a fresh record high in an otherwise weak market, as investors continued to shift towards defensive sectors amid rising uncertainty.

The pharma index has surged 15 per cent between April 2 and May 11, 2026, outperforming key benchmark indices during the period.

Data showed that 56 out of 92 listed pharma companies outpaced the index's gains over these 34 trading sessions, highlighting broad-based buying interest across the sector.

Among the top gainers, shares of ZIM Laboratories Ltd, Cohance Lifesciences Ltd, Suven Life Sciences Ltd, Neuland Laboratories Ltd, Kopran Ltd and Advanced Enzyme Technologies Ltd rallied between 15 per cent and 71 per cent during the period.

Market participants have increasingly favoured pharmaceutical stocks due to their defensive nature, especially at a time when volatility in global markets and geopolitical concerns have weighed on risk appetite.

Meanwhile, anti-malaria drug maker IPCA Laboratories Ltd emerged as the only declining stock among the 92 pharma companies tracked during the period, slipping 3 per cent.

Benchmark equity indices, including Nifty50, came under pressure today after Prime Minister Narendra Modi urged citizens to reduce fuel consumption and avoid unnecessary gold purchases.

Addressing citizens, PM appealed for fuel conservation to help protect India's reserves. He noted that crude oil and gold account for a significant portion of the country's import bill.