Street Signs: Market's winning streak, new-age tech-listed firms & more

Technical analysts expect the index to face immediate resistance at 17,900-18,000, which, if broken, could decisively take the index beyond 18,200

Advantage bulls as FPIs take the ‘short’cut

The market’s continuing winning streak — the longest in over two years — is underpinned by strong buying by foreign portfolio investors (FPIs). Risk appetite has seen an improvement in optimism that the US Federal Reserve’s rate-hike cycle may have peaked. Besides the fundamental factor, FPI inflows are also amplified by short-covering, believe some experts. In March, FPI net shorts in index futures had climbed to highest-ever levels, surpassing pandemic sell-offs. Further, the percentage of shorts in FPIs’ total share of open interest was more than 90 per cent ahead of the start