“The Russia Ukraine war has led to higher input costs. Also if the summer season is better than what we all planned for, then we may exhaust our stock by May itself and therefore we have decided that we will review the prices by the middle of April once again.”

The Nifty Pharma index closed 1.28 per cent up at 13546.05.

Analysts have also suggested that the enterprise software markets that includes players such as Oracle and Salesforce are showing more positive trends in client spending.

BRITAIN-BOE/Bank of England raises rates to 0.75%, less sure about future moves

In the previous trade, the yellow metal finished at Rs 51,251 per 10 grams.

Shares of IIFL Wealth Management climbed 3 per cent after reports said it was added to FTSE Allcap Index. ET Now reported that this may lead to an inflow of $10-12 million to the stock. The adjustment in the index, that is the inclusion will take place on March 21.

The Dow Jones Industrial Average fell 67.71 points, or 0.20%, at the open to 33,995.39.

The sale is expected to attract yield-hungry investors seeking to deploy funds ahead of the fiscal year-end amid a short supply in securities, market sources said.

Rakesh Jhunjhunwala owns over a 1 per cent stake in at least three dozen stocks. His stake in the top 10 of his portfolio stocks was worth Rs 27,000 crore at last count.

The S&P/ASX 200 index ended 1.1% higher at 7,175.2 points.