Market's trend yet undecided, IT results could be a game changer

New Delhi, Jan 7: The first week of calendar year 2024 was a tough one for the markets with the undecided which way to go. Markets gained on three of the five sessions and lost on two.

After an eventful week where bulls and bears both tried to take control of proceedings and failed, the week saw BSE Sensex lose 214.11 points or 0.30 per cent to close at 72,026.15 points, while Nifty lost 20.60 points or 0.09 per cent to close at 21,710.80 points.

The broader markets behaved differently and one saw BSE 100, BSE 200 and BSE 500 gain 0.26 per cent, 0.60 per cent and 0.82 per cent respectively. BSE Midcap gained 2.35 per cent while BSE Smallcap was up 2.68 per cent.

The Indian Rupee gained 6 paisa or 0.07 per cent to close at Rs 83.15 to the US Dollar. Dow Jones gained on three of the four sessions and lost on just one. Yet Dow was at the receiving end and closed lower with losses of 223.43 points or 0.59 per cent to close at 37,466.11 points.

The big players traditionally used to be the FPIs and their course of action would determine the trend on Dalal Street. This seems to have changed over time. While what they do is significant, it no longer controls the market. Domestic retail investors through SIPs and mutual funds have given these mutual funds enough power to take on the might of FPIs.