Foreign investors go long in index futures

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 38.89 billion Indian rupees in March, already heading towards their biggest monthly purchases since October when the total monthly amount reached 45.66 billion rupees.

Meanwhile, their open positions have increased by about 44 percent so far this month, SEBI data shows.

The Nifty accounts for about 89 percent of the total outstanding positions, while 10 percent is held by Bank index futures, exchange data shows.

FIIs posted on Friday their biggest daily purchases since December 9, or a net 25.77 billion rupees in India's cash shares. That marked a 16th consecutive buying session for a net total of about $1.4 billion.

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