Shares of Polycab India surged nearly 7% intraday on Monday as traders covered short positions taken in the futures and options segment of the cable-maker over the last few sessions, where it crashed by nearly a third amid reports of tax evasion.
Hedge funds and other portfolio managers ended the last week of 2023 with the most new bearish positions in futures and options contracts since March and the second-largest jump in weekly short additions since 2017
Hedge funds have cut their bullish bets on crude oil to record lows as the market reacts to increasing U.S. inventories and fear that OPEC+ will not fully deliver on its promises to voluntarily cut production come January 1.
Concerns around next year’s general election are likely to abate following the outcome of the state elections, but analysts say the market will still expect tighter fiscal measures