The pandemic provided a reason to the stock market to be excited about the pharma sector that had been facing lacklustre prospects amid challenges in the US business, USFDA compliance issues, pricing pressure, big-bang acquisitions not working out on expected lines and modest growth in the domestic market.
Monetary policy expectations impact stocks more than rate moves: RBI paper
Equity markets are impacted more by the expectations of future monetary policy than the policy rate surprises on the day of announcement of the policy