About the smallcase
As defensives tend to rally in the year before election results. Pharma has long been the underperformer and is currently seeing some triggers supporting a trend reversal. We have seen a strong correlation in US Pharma Index and NSE pharma Index. Currently post a 4 year of consolidation both indices have broken out together. Within the Nifty basket, pharma sector has surprised the most in financial results compared to the other sectors. Margins also have seen improvement in this quarter on an aggregate basis. Eliminating leader bias by using equal weighted chart of 10 stock hints that momentum is picking up in the pharma.
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