Key Points
Investors will eye several stock market triggers in the second week of the year including the ongoing October-December quarter results for fiscal 2023-24 (Q3FY24), domestic cues, macroeconomic indicators, primary market action, foreign capital inflow, crude oil prices, and stock-specific action..
On a weekly basis, the BSE benchmark jumped 542.3 points or 0.75 per cent, and the Nifty 50 climbed 183.75 points or 0.84 per cent..
"Contrary to expectations of weak Q3 results from the IT sector, better-than-expected results along with green shoots of recovery in the IT sector on the back of an improved outlook for BFSI in FY25 positively influenced domestic market sentiments,'' said Vinod Nair, Head of Research, Geojit Financial Services..
Overall, analysts expect markets to be majorly driven by the ongoing Q3FY24 earnings season and stock-specific action after the indices surged to lifetime high levels last week..
Domestic institutional investors played a pivotal role in driving the rally in domestic markets last week, with net purchases exceeding 6,800 crore, while foreign institutional investors were net sellers with a total divestment of 3,900 crore..
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