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SGX Nifty is currently trading 45 points up at 11490. For today, short covering in early trade will drive the index higher with falling oil to add to woes of the bears.
Nifty had another weak start with drifting towards 11250 before strong rhetoric from the Government of India took up the rupee, which saw the currency gain and stocks recover sharply. The rupee had its sharpest gain in over 2 years, while stocks recovered with Nifty jumping almost 150 points from day's low to day's high.
Global markets: Asian indices opened in the green for the second day after having a strong pull back rally in the previous session, which saw both the Chinese and Hong Kong markets bounce back. Expectations of positive outcome of trade talks between China and the US has seen bulls take a breather as stocks became attractive buys. Expect another day of short covering today with globally bullish under tone aiding the bulls.
US Markets: US indices closed higher for the fourth consecutive trading session as the US-China trade talks could see positive developments on proposed tariff wars. Oil falls over 2% as hurricane ‘Florence' sees downgrade as intensity slackens, while bond yields also edge lower to 2.9%. Dow Jones now within sight of testing new highs as markets discount Federal Reserve meet later this month.
FII Data: In Wednesday’s trading session, FIIs sold 1086cr stock in the cash market, whereas DII bought 541 cr worth of stock. In the derivative market, FIIs sold 391cr of Index futures and bought 819cr worth of Index options. In the Stock futures segment, FIIs bought 381cr worth of stock futures and sold 89cr stock options.
FII View: In Wednesday’s trading session, FII reduced their positions in the derivative market, which is deduced by the fact that they reduced 4998 long contracts in Index Futures and simultaneously reducing 8240 short contracts in Index Put option. A marginal amount of Call buying was witnessed to the tune of 3031 contracts. The net position, however, continues to remain on the short side which is indicated by a long short ratio of 0.4x in Index Futures since the start of the September series
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| FII | OI (in000's) | % Chg | % Chg Since Expiry | Long/ Short Ratio | Long/Short Since Expiry |
| Index Long | 127 | (4) | (1) | 0.7 | 0.4 |
| Index Short | 170 | (1) | 137 | ||
| Index Call Long | 241 | 1 | 51 | 1.8 | 0.6 |
| Index Call Short | 134 | (5) | 143 | ||
| Index Put Long | 406 | (2) | 90 | 2.3 | 1.4 |
| Index Put Short | 175 | (4) | 39 |
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