The Indian benchmark indices fell 0.4% to their lowest in four months. The Sensex witnessed a poor session to end the day at 26,599, down 119 points. The broader 50-share NSE-Nifty closed the session down 48 points. The broader markets remained under pressure with the BSE Mid Cap and BSE Small Cap indices falling on the back of weak overseas cues. Midcap was down by 2% and small-cap declined by 1.7%. Banks and Realty stocks witnessed maximum selling activity for a second day running. IT stocks managed to stay in the green (up by 1.63%).
With regards to global indices, Asian markets stumbled. Nikkei was down 0.93% while Hang-Seng and Shanghai Composite fell 0.57% and 1.41% respectively. European shares fell to their lowest level in more than two months, mirroring losses in Wall Street and Asia.
Foreign institutional investors (FIIs) have been shifting their structural stand by trimming their long positions on the Indian markets over the past two months, an analysis of their derivatives trading activity shows. Since March, the net long position of foreign investors has come down drastically, while they have been gradually building a short stance towards the Indian market. This is the first time in nearly 20 months they have seen FIIs have shifted to a bearish stance on the Indian market
The long open interest (OI) of foreign investors has come down from nearly 830,000 contracts in March due just 180,000 contracts currently. During the same period, FIIs have more than doubled their short OI on the Nifty futures from 90,000 contracts to 180,000 contracts. Open interest is the number of outstanding contracts in the futures and options (F&O) market.
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