Mumbai: Indian shares opened marginally higher on Thursday. The Sensex gained as much as 70 points to 27,212 and the Nifty index was only 3 points away from the 8,400 mark.
However, pharma shares came under sharp selling pressure after US president Donald Trump on Wednesday said that pharma companies are charging higher prices for their medicines and suggested bidding for government purchases, which will save billions of dollar for the US government. "We are going to start bidding. We are going to save billions of dollars over time," Trump said.
The pharma sub-index of NSE, Nifty Pharma fell over 2 per cent led by Sun Pharma, Aurobindo Pharma, Dr Reddy's Lab and Lupin, which were down between 1.2-2.2 per cent.
Meanwhile, IT stocks led gains today and offset the losses in pharma shares. The Nifty IT sub-index of NSE was up nearly 1 per cent. Infosys was the top gainer in Nifty up 2.1 per cent. Tech Mahindra, HCL Tech, TCS and Wipro also gained between 0.5-2 per cent. TCS will report its earnings later in the day.