FIRST TRADE: Indicators take five-day losing streak; Nifty near 23,600, Sensex gains 135 points
Indian stocks snapped a five-day losing streak and started Thursday’s session higher. The Nifty gained 0.11 percent to 23,585.6, while the Sensex was at 77,826.36, up 0.17 percent or 135.4
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “During a market correction, like the current one, there will always be counter moves, which will help pull back. This can happen anytime now. The huge liquidity available in DIIs can trigger this pullback.” back is unlikely to continue as the fundamentals are not favorable causing deep changes in the markets already The dollar index is strong and rising and currently the US 10-year bond yield at 4.48% is the capital used by DIIs and the continuous flow in these funds.”
Domestically, the concern is disappointing Q2 results and declining consensus earnings, he added.
Prashanth Tapse, Senior VP (Research), Mehta Equities added that the fall in oil prices to $68 per barrel provides a positive catalyst, but the Nifty is unlikely to gain momentum due to a strong outlook fueled by FII outflows over Rs 27,600 crore this November. . FIIs have withdrawn a record ₹1.2 lakh crore from Dalal Street since the Nifty’s peak of 26,277 on September 27, leading to a 10% drop from the high and a breach of the 200-DMA in intraday trade.
Stocks in focus on Thursday:
Eicher Motors after a better-than-expected Q2 showing attracted mixed consumer views.
Vodafone Idea’s share price will remain flat after the company’s weak earnings.
Asian markets
Most Asian markets were trading in the red, with the Nikkei marginally in the green.
