Global bond yields are climbing across every major curve overnight — US 10Y at 4.67% near a one-year high, UK 10Y jumped over 1% in a session to 5.13%, Germany 3.19% up 0.86%, Italy 3.98%, Japan 2.79%. When bonds pay more, equities pay relatively less. Foreign desks have a cheaper place to park money than emerging markets. That is the slow leak in three weeks of FII data. Today is one trading day to Sensex weekly expiry — settlement Thursday.

Yesterday FII flipped back to seller with minus 2,457 crore after Monday's one-day buy of 2,813 crore. DII bought the dip cleanly with 3,802 crore. Combined cash net positive 1,344 crore — two desks, different views, same outcome. Nifty barely moved — closed 23,618, down 31 points. Sensex 75,200.85, down 158. India VIX at 18.57.

Sensex sits AT the math line at 75,200. Below, the gamma number flip ...