Traders Brace For Correction As Race For U.S. Presidential Election Tightens
Investors continued to remain cautious ahead of next week's U.S. presidential elections even as foreign institutional investors (FII) continued to withdraw funds from Indian equity markets.
Democratic contender Hillary Clinton has seen her odds of a victory flater after the FBI reopened a probe into an unauthorized e-mail server. Mexico's peso -- which is seen as a barometer for market perceptions of the presidential vote -- slid after the latest polls showed the race tightening.
On Wednesday, the Nifty 50 index declined by 1.3 percent but managed to close above the 8,500-mark. Its November futures saw small unwinding of 0.9 percent in open interest. The Nifty Bank index, which declined by over 1 percent, saw substantial fresh selling with its futures open interest gaining 11 percent. FIIs sold index futures worth Rs 803 crore on a net basis.
The India Volatility Index gained 6.7 percent to close at a 1-month high of 16.79.
As the Nifty fell, the 8,600 put saw unwinding of 6.7 lakh shares in open interest. The 8,600 call, however, saw writing with an addition of 8.8 lakh shares in open interest. Maximum open interest continues to remain with the 9,000 call and the 8,500 put. FIIs bought 36,789 index puts against unwinding of 335 index calls.
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