Mumbai: FIIs have turned cumulatively net short stock futures in June after a 40-month gap, with markets at record highs. On Friday, they were net short 338 contracts, after first turning net sellers from June 7-9.
Analysts cite three likely reasons for the shift first, a repositioning of strategy near record high levels; second, hedging their cash portfolios by shorting stock futures, and third reducing their bullish bets on stock futures on expectation of a pullback or consolidation.
On June 8, they were net short 10,427 contracts and a day before 5,873 contracts short. Prior to that, FIIs were cumulatively short 16,942 contracts on February 5, 2018. Until recently, they remained net long, taking positions of 6 lakh -plus contracts in June of last year.
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Nifty, Sensex to bounce back at open
June 10, 2021
Market awaiting further triggers to move forward
After a sharp correction on Wednesday, the market appears set to open in the green on Thursday amid mixed global cues. Though the US markets corrected overnight, Asian markets and US stock futures turned positive in early morning on Thursday.
According to analysts, the market is awaiting further triggers to move forward, though action will remain high in select small and mid-cap stocks.
The SGX Nifty at 15,718 (8 am IST) indicates a flat-to-positive opening for Nifty futures, which on Wednesday closed at 15,660.25. Most Asian-Pacific markets such as Japan, China, Hong Kong, Australia, Taiwan and South Korea are up by around 0.4 per cent.