FIIs unwind long positions in index futures for second day

Foreign flows are on watch after overseas investors sold 3.96 billion rupees worth of index futures on Monday, adding to Friday's selling of 6.08 billion rupees, exchange data shows.

Dealers say outstanding positions in index futures have reduced by 24,631 contracts implying foreign investors are seen unwinding some of the long positions in Nifty futures and Bank Nifty futures. The BSE Sensex rose 8.9 percent and hit a record high in 2013 despite slowing growth and sticky inflation on back of over $20 billion worth buying in stocks during the period.

Overseas investors also sold cash shares worth 3.19 billion rupees on Monday in addition to 1.39 billion rupees of selling in the previous session, regulatory and exchange data shows.

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