March 7th 2024 Stock Market analysis

Market Holds Steady as Nifty Breaks 22,500 Barrier for the First Time; Mid and Small-Caps Show Strength

The market failed to capitalize on its opening gains and instead ended the session on March 7 with a flat performance, despite both benchmark indices reaching fresh all-time highs. BSE Sensex peaked at a record high of 74,245.17 but closed just marginally higher at 74,119.39, a gain of 0.05 percent. Similarly, Nifty50 climbed to a new peak of 22,525.65 before settling 0.09 percent higher at 22,493.50. For the week, both BSE Sensex and Nifty recorded a modest rise of 0.5 percent each. Additionally, it's worth noting that the market will remain closed on March 8 due to Mahashivratri.

The top gainers in the Nifty are Tataconsum, trading at 1265 with a 3.68% increase, Tatasteel, trading at 157.05 with a 3.59% gain, and Bajaj-auto, traded at 8875 with a 3.13% increase. Meanwhile, the top losers include M&M, traded at 1892 with a 3.99% loss, BPCL, traded at 623 with a 2.40% loss, and Reliance, traded at 2957 with a 1.63% loss. Tatasteel emerges as the most active stock in Nifty50, with trading volume reaching 12,48,22,999 at Rs. 157.

Technical Outlook on 11th March

The Nifty has formed a Doji candle on the daily chart, indicating uncertainty in the trend. However, the overall bias remains positive. Profit booking at higher levels is anticipated, with resistance seen at the 22594 level, potentially leading to mild corrections.

In intraday trade, the Banknifty is likely to experience mixed trading within the range of 47300 to 48325.

‍Derivative Outlook on 11th March

PCR Analysis: Nifty PCR-OI has decreased with nifty has positive close which shows CALL BUYING.

Open Interest Analysis: Nifty future March contract OI has decreased with negative close which shows Long Unwinding.

Cost of Carry Analysis: Nifty MARCH month contract has ended in low compare with APR contract and low range compare with previous session which indicates a mild profit booking.

India VIX Analysis: India VIX has closed at 13.61 vs 14.30 (DoD) basis which shows decrease in volatility.

‍Indian Pharma Market Surges with 9% Growth in February

The Indian pharmaceutical market experienced a 9% increase in value in February, with major therapeutic categories displaying positive growth trends. Cardiac, anti-infective, and anti-neoplastic systems notably saw volume growth, while the respiratory segment slowed down following a winter surge, showing a reported -11.7 percent decline in unit growth rate in February 2024.

Sheetal Sapale, Vice President-Commercial at PharmaTrack, stated, "New product launches and pricing strategies contributed to the positive growth in February, although volume growth remained minimal."

The Indian pharma market witnessed a modest unit growth of 0.2 percent in February, presenting challenges across various therapy areas.

Glaxo Smith Kline's Augmentin and USV's Glycomet GP maintained their positions as the top-selling medicine brands. Augmentin achieved sales of Rs 77 crore in February, with total sales reaching Rs 822 crore between February 2023 and February 2024. Meanwhile, Glycomet GP recorded sales of Rs 66 crore in February 2024 and Rs 785 crore from February 2023.

Mankind's Manforce condom brand regained its third position in February, exhibiting a MAT growth rate of 5.2 percent. The brand posted sales of Rs 57 crore in February 2024, replacing Cipla's Foracort inhaler as the respiratory segment began to decelerate.

Abbott's Type 2 diabetes/weight management drug Rybelsus demonstrated a remarkable triple-digit value growth rate of 118.5 percent and a unit growth rate of 115 percent. Sales reached Rs 34 crore in February 2024, with Sapale noting, "This brand has consistently maintained robust growth over the past several months.

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