Mkts may consolidate further in early trade: An analysis

By Anuj Singhal, Senior Editor at CNBC-TV18

Market outlook

The markets may consolidate further in early trade today. FIIs selling may hurt sentiment on margin.

FIIs were net sellers of Rs 230 crore and DIIs net sellers of Rs 68 crore in cash markets on Wednesday, as per provisional data.

Internals indicated that risk taking is back in market. Midcap performance will remain a key factor for markets.

F&O highlights

FIIs action was negligible in Nifty futures yesterday. FIIs were net buyers of Rs 684 crore in Nifty Options and net buyers of Rs 131 crore in Stock Futures.

Nifty 5300 Put added 17 lakh shares in Open Interest, Nifty 5400 Put added 7 lakh shares in Open Interest and Nifty 5500 Put added 7 lakh shares in Open Interest.

Long positions were seen in Suzlon, Idea, Shree Renuka, Cairn India. Short covering was seen in Unitech and Jaiprakash Associates. However, short positions were seen in Sintex.