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FIIs go long on index futures

Mar 11 2014, 04:44 IST
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SummaryForeign institutional investors (FIIs) are building up long positions in NSE futures across indexes, especially in banks, in an indication

Foreign institutional investors (FIIs) are building up long positions in NSE futures across indexes, especially in banks, in an indication they could be betting on a sustained record-setting gain, according to traders.

FIIs have bought index futures worth R3,889 crore in March, already heading towards their biggest monthly purchases since October when the total monthly amount reached R4,566 crore.

Meanwhile, their open positions have increased by about 44% so far this month, Sebi data show. The Nifty accounts for about 89% of the total outstanding positions, while 10% is held by Bank index futures, exchange data shows. FIIs posted on Friday their biggest daily purchases since December 9, or a net R2,577 crore in cash shares. That marked a 16th consecutive buying session for a net total of about $1.4 billion.

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