Weekly market update, Jan 12, 2024

The Indian benchmark indices Sensex and Nifty 50 ended a two-week long consolidation phase and settled around the week’s high. On a weekly basis, the BSE Sensex gained 0.75%, while the Nifty 50 rose 0.85%. The gains in frontline indices were primarily driven by the stellar performance of IT giants and fueled by an optimistic sentiment following the better-than-expected December quarter earnings of TCS and Infosys. The broader market indices; the BSE Midcap rose 0.45% and the BSE Smallcap gained 1.64%. On sectoral front, Nifty IT and Nifty Realty ended over 4% higher and Nifty FMCG fell over 2%.

Analysts expect that investors will eye several stock market triggers in the coming week including the ongoing October-December quarter results for fiscal 2023-24 (Q3FY24), as well as the release of WPI inflation data and worldwide trends. In addition to this, Trading activity of foreign investors, global oil benchmark Brent crude and rupee-dollar trend would also guide the movement.

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