Weekly market wrap: The Indian stock market witnessed consolidation in the first four trading sessions, culminating in key benchmark indices reaching all-time highs on Friday. This surge was attributed to a rally in heavyweight stocks like Reliance Industries and positive reactions to quarterly results from IT giants Infosys and TCS.

The Nifty50 and Sensex closed the week at record levels of 21,893, and 72,568, respectively. Notable sectors showing strength included Nifty IT, Nifty Realty, and Nifty Auto. On the flip side, Nifty FMCG and Bank Nifty experienced relative underperformance.

In terms of fund flow, Foreign Institutional Investors (FIIs) were net sellers at Rs 1,212 crore, while Domestic Institutional Investors (DIIs) injected Rs 3,947 crore into the market up to January 11th, 2024.

Corporate wrap

• Infosys reported Q3 FY24 consolidated revenue of Rs 38,821 crore, earnings before interest, tax (EBIT) of Rs 7,961 crore, and profit after tax (PAT) of Rs 6,113 crore. The company's EBIT margin stood at 20.5 per cent. The LTM attrition rate was reported at 12.9 per cent, with 88 new clients added during 3QFY24.
• Tata Consultancy Services reported Q3 FY24 consolidated revenue of Rs 60,583 crore, EBIT of Rs 14,695 crore, and PAT of Rs 11,097 crore. The LTM attrition rate was reported at 13.3 per cent.
• HDFC AMC reported Q3 FY24 revenue of Rs 671 crore, PAT of Rs 490 crore, with an average quarterly AUM of Rs 5.5 lakh crore.
• Delta Corp reported Q3 FY24 consolidated revenue of Rs 232 crore, EBITDA of Rs 56 crore, and PAT of Rs 35 crore.
• Signature Global (India) reported Q3 FY24 pre-sales of Rs 1,263 crore, up 47.7 per cent YoY, with total area and unit sales growing 19.1 per cent and 8.3 per cent YoY respectively. Collections for Q3 FY24 stood at Rs 796 crore, up 45.9 per cent YoY.
• Senco Gold reported its highest-ever revenue in Q3 FY24, showing a 24 per cent YoY growth and a 26 per cent YoY growth for the 9MFY24 period.
• Cupid Ltd received an additional purchase order worth Rs 16.2 crore from the Central Medical Services Society.
• Gujarat Mineral Development Corporation Ltd. received environmental clearance to expand its capacity from 3 MTPA to 5 MTPA of lignite at Surkha (N) Lignite Mine.
• Kalyani Steels Ltd successfully bid to acquire assets of Kamineni Steel and Power India for a consideration of Rs 450 crore.
• Phoenix Mills Ltd reported gross retail collections at Rs 700 crore, up 30 per cent YoY, with total consumption standing at Rs 3,287 crore, up 24 per cent YoY.
• Container Corporation of India reported total volumes of 11.5 lakh TEU in December 2023, with Export-Import volumes up 8.3 per cent YoY and domestic volumes down 1.3 per cent YoY.
• KPI Green Energy received an order for a 2 MW solar power plant from Sanwariya Processors.
• Droneacharya Aerial Innovations received a tender worth Rs 11.8 lakhs from the Indian Defense Systems for advanced drone pilot training and GIS training.

Global economy

On the global front, key indicators like US 10-year bond yield, US Dollar Index, Brent Crude, and US VIX showed no major changes. The US economy's Consumer Price Index (CPI) for December 2023 came in at 3.4 per cent, slightly higher than the expected 3.2 per cent YoY.

Week ahead

Looking ahead, the market will focus on 3QFY24 results from major companies like HDFC Bank, ICICI General Insurance, Asian Paints, IndusInd Bank, HUL, and Ultratech Cement. SBI Securities recommends investors ride the short-term rally with a "Buy on Dips" approach, emphasising quality businesses and cautioning against SME companies experiencing signs of euphoria.