FIRST TRADE: Indices snap five-day losing streak; Nifty near 23,600, Sensex gains 135 points

Indian equities snapped a five day losing streak and started Thursday's session higher. Nifty gained a marginal 0.11 per cent to 23,585.6, while the Sensex was at 77,826.36, up 0.17 per cent or 135.4

Broader indices, meanwhile, traded higher by a marginal with the Nifty Smallcap 100 up 0.24 per cent higher.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "During a correction phase in the market, like the present one, there will always be counter moves, which will facilitate a bounce back. This can happen any time now. The huge liquidity at the disposal of the DIIs can trigger this bounce back. But such a bounce back is unlikely to sustain since the fundamental factors are unfavourable. The Trump factor has triggered many profound changes in markets already. The dollar index is strong and rising and is currently at 106.61. The US 10-year bond yield is at 4.48%. These two are strong headwinds for equity markets in emerging economies like India. The positive factor is the huge liquidity at the disposal of the DIIs and the sustained flows into these funds."

Domestically, the worry is the disappointing Q2 results and the consensus earnings downgrade, he added.

Prashanth Tapse, Senior VP (Research), Mehta Equities added that tumbling oil prices at $68 per barrel offer a positive catalyst, but the Nifty is unlikely to gain momentum due to a bearish outlook fueled by an FII exodus of over Rs 27,600 crore this November. FIIs have pulled out a record ₹1.2 lakh crore from Dalal Street since the Nifty's peak of 26,277 on September 27, leading to a 10% decline from its high and a breach of the 200-DMA in intraday trading. 

Stocks in focus on Thursday:

Eicher Motors after a better-than-expected Q2 show attracted mixed brokerage views. 

Vodafone Idea's share price will remain in focus post the company's weak earnings.

Asian markets

Most Asian markets traded in the red, with the Nikkei in the green by a marginal. The beating was seen  amid nervousness around the likely US monetary policy view. The reading of the U.S. consumer price index inflation data read in line with expectations for October, but still indicated sticky inflation.