New Delhi, Feb. 13 -- Foreign institutional investors (FII) used Wednesday's market recovery from intra-day lows to double down on selling in both cash and derivatives market segments. This promises to make the Thursday expiry a volatile affair.

A day ahead of the weekly Nifty expiry, FIIs net sold shares worth a provisional Rs.4969.30 crore in cash as per BSE, and Rs.425.81 crore of index futures (Nifty and Bank Nifty) as per NSE.

The Nifty swung 346.35 points between the intra-day low of 22798.35 - remember that 22800 is a crucial support - and the intra-day high of 23144.7, before paring some of the gains to close a tenth of a percent lower at 23045.25 .

"FIIs might have raised shorts here in anticipation of a disappointment in US c...