New Delhi, Feb. 23 -- Hours before the US Supreme Court struck down President Donald Trump's tariffs on Friday, a section of foreign institutional investors (FIIs) in India flipped their bearish bets to bullish ones, even as proprietary traders sharply raised their bullish bets. The two moves, combined, may signal anticipation of a ruling which has the potential to trigger a stock market rally on Monday.

Cumulative outstanding positions of FIIs in index calls stood at 23,592 net short contracts on Thursday; by the end of Friday, as the US verdict approached, they had reversed it to 60,555 net long contracts. Meanwhile, props, or brokers who trade for themselves, increased their net call option longs to a whopping 175,073 contracts from a...