Friday, 13th March — GIFT Nifty trades at 23,510, down 206 points, signalling a weak open near 23,500. US markets closed sharply lower — S&P 500 down 1.52% and Nasdaq down 1.78% — while European markets shed 0.5%. Asian markets are broadly in the red this morning, with Nikkei down 1.24% and Kospi down 1.52%.

FIIs were net sellers of ₹7,049 crore yesterday, while DIIs absorbed ₹7,449 crore. For March, FIIs have sold ₹46,166 crore versus DIIs buying ₹60,549 crore. Since April 2024, FIIs have offloaded ₹2,56,000 crore while DIIs have bought ₹7,57,000 crore, continuing to provide a strong backstop.

On positioning, FIIs are aggressively short 2,26,327 index futures contracts. Clients have sold a massive 5,15,027 put contracts — a crowded bet on a bounce — while FIIs and Pros have bought puts and sold calls, positioning for further down ...