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Overseas funds held 31,549 more long index futures contracts than short contracts as of Thursday, turning to a net bullish position a day earlier for the first time since September, according to exchange data compiled by Bloomberg.
“Just because BJP has won the elections and the probability of them coming back with a bang in May is extremely high, it does not make sense to buy the stocks where the results will not be there because this market is in a phase where there is a lot of rotation happening. If the results do not follow through, you are going to be disappointed.”
“We really have a thriving ecosystem of entrepreneurship. So, any sector, when it comes to the limelight, you suddenly realise that there are hundreds of smaller companies which are already there doing stuff. It is just that now they are coming to a certain size and can go for IPOs.”
FIIs who had been bothered by the Indian markets rich valuations and were hoping for a correction to build more substantial positions in the market may see those hopes evaporating, leaving them with the unsavory choice of either staying out of a market that may not correct or may continue to do well or entering the market at current levels despite their reservations about the markets valuations in general, Kotak Equities said.
The turnaround in debt flows has happened even as the interest rate differential between the US and India has narrowed due to a series of large hikes in the fed funds rate by the US central bank