Short-sellers are estimated to have lost $818 million on Wednesday from their bearish bets on videogame maker Gamestop, data from financial analytics firm Ortex showed.
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Mumbai: Traders aggressively rolled over bullish bets into the March series in the extended two-hour trading session on Wednesday, introduced after the four-hour shutdown of trading on NSE earlier in the day.
The sharp surge in the market after trading resumed led by private lenders, which soared on the government’s decision to lift its embargo on the grant of government businesses to these banks, pushed market participants to carry forward their wagers ahead of the expiry of the February series on Thursday.
Brokers and traders have been worried that the rollover process of derivative positions would be disrupted and would heighten confusion on Thursday if the NSE did not resume trading on Wednesday.
Small-cap stocks have been on a roll since the past few months with the S&P BSE Smallcap index hitting a record high of 20,290 points in Thursday’s intra-day trade. The index surpassed its previous high of 20,183 touched on January 15, 2018 in intra-day deals. Despite the index hitting record levels, analysts see more headroom for the stocks in this segment as the economic recovery gathers steam, which they believe, should be beneficial for companies in the mid-and small-cap space. Moreover, the accommodative stance of most global central banks amid low interest rates will ensure that money continues to flow into emerging markets (EMs), including India. Though there can be an intermittent correction, stock selection will be key, they say.
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