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Indian share markets ended higher ended higher as a surprise cut in the government's borrowing programme for the next fiscal year boosted sentiment, with lenders such as the State Bank of India among top gainers. At the closing bell, the BSE Sensex finished higher by 108 points. While, the NSE Nifty finished up by 54 points. Meanwhile, the S&P BSE Midcap Index ended up by 1.1% while S&P BSE Small Cap Index ended up by 1.4%.

Sectoral indices ended the day on a mixed note with information technology stocks and automobile stocks leading the gainers. While, energy stocks and metal stocks ended the day in red.

Overseas, Asian stock markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 2.65% while China's Shanghai Composite is up 1.05% and Hong Kong's Hang Seng is up 0.79%. European markets are sharply higher today with shares in Germany leading the region. The DAX is up 1.96% while London's FTSE 100 is up 1.83% and France's CAC 40 is up 1.46%.

The rupee was trading at Rs 64.80 against the US$ in the afternoon session.

In the news from the pharma sector. As per an article in a leading financial daily, Glenmark Pharmaceuticals has received final nod from US health regulator for its Clobetasol Propionate spray. It used for treatment of moderate to severe plaque psoriasis in adults.

The product is generic version of Galderma Laboratories L P's Clobex spray in the same strength.

This product will be manufactured at the Glenmark's Baddi plant in Himachal Pradesh.

As per IQVIA sales data for the 12-month period ending January 2018, the Clobex spray, 0.05% market that includes brand and all available therapeutic equivalents achieved annual sales of approximately US$ 30.5 million.

The company's portfolio consists of 131 products authorised for distribution in the US market and 63 ANDA's pending approval with the USFDA.

Glenmark Pharma share price ended the day down by 0.5%.

So, is this the right time to buy pharma stocks?

There is enormous uncertainty in the industry. Uncertainty regarding price erosion in the United States as well as hostile US FDA visits, have changed a once defensive sector into a risky sector.

BSE Healthcare Index Down 26% in Three Years

However, we believe this could be point of consolidation in the industry i.e. with stricter norms, lower margins, and pricing pressure, the industry may see many exits and acquisitions. This could lead to relatively fewer but higher quality players.

We believe, if you can pick a niche company with good financials and strong management, this is a good time to consider pharma stocks.

Moving on to the news from the economy. In order to ease the pressure on the local bond markets, the Central government will borrow Rs 2.88 trillion in the April-September period of 2018-19 (H1FY19), which is lesser than Rs 3.72 trillion it had borrowed during the same period of FY18.

The borrowing for the first half of 2018-19 works out to 47.6% of budgeted gross market borrowing which is much lower than the average of 60-65% in the last five years.

Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg has said that the government will also come out with inflation indexed bonds linked to consumer price index (CPI) inflation. He also informed that the government will introduce a new bucket of bonds with duration of one to four years, indicating its willingness to borrow more through short-term securities.

Besides, he noted that the budgeted gross borrowing through G-Secs for fiscal 2018-19 was Rs 6.05 trillion which would be used to fund the fiscal deficit of 3.3% of GDP.

The government also plans to reduce the G-Sec buyback by Rs 250 billion in the next fiscal. In addition to this, he said that the government will withdraw up to Rs 1 trillion from the National Small Savings Fund (NSSF) -- Rs 250 billion more than in the current financial year -- to fund the fiscal deficit.

He added that this could reduce the overall market borrowing programme of the government for the entire fiscal.

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