Retail and high net worth traders have reached record levels in stock futures, driven by bullish momentum in mid and smallcap stocks. The shift occurs as headline indices trade in a narrow range.
Traders are moving away from index futures despite higher securities transaction tax and pessimism from foreign investors. This activity reflects strong domestic interest in smaller stocks that have shown recent gains.
Foreign portfolio investors have reduced cash market selling in Indian stocks but continue to show caution through derivatives positions. The moves come amid a modest gain in the Nifty index.
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Mid and small-cap stocks continue to outperform, spurring increased trading in stock futures.
India's Nifty Smallcap 100 index recorded an 18.4% gain in April, marking its third-highest monthly rise since inception. Historical patterns indicate potential for further advances over the next year. Experts express optimism for small caps over 18-24 months despite elevated valuations.
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