Gold Silver Reports — Market mavens expect benchmark indices to touch fresh highs in the short term after foreign investors, the mainstay of the marketplace, not just covered their bearish bets but initiated fresh bullish ones during Tuesday’s sharp rally . They added that any profit booking would be bought into, with a caveat that a hawkish sounding Fed could spoil the party for the bulls.
Apart from net purchasing shares worth a provisional `4,088 crore, FIIs covered their index short positions -mostly in Nifty and Bank Nifty . They had net sold `984 crore worth index futures in eight sessions through Friday . These they bought back, in addition to initiating fresh buys on the indices worth a provisional `852 crore.
They also net sold call options on Nifty and Bank Nifty in the month through Friday . They squared off a large portion of these, leaving them being net sellers of just `1,583 crore on Tuesday , down from `4,972 crore on Friday , just before the UP results came out a day later.
