For the FIIs, the current level of the Sensex is the second exit opportunity in recent weeks. The ban on short sales had seen the Sensex rise by 240 points on a single day, which gave foreign institutional investors a handsome exit route when the market had been pulled down to a low of 3,152 points on June 15 and June 16. The ban on short-sales pushed the Sensex on June 17 to 3,400 points, a rise of 248 points or 7.8 per cent in two days. The foreign institutional investors started pulling out even before Moody's announced itsdowngrading of India's sovereign rating on June 19. The Sensex was once again pushed down to 3,037 points on June 23.

In the current market, the removal of the weekly price band has given operators enough room to push prices of scrips up to as high as 47 per cent. Though the market saw some positive signs on the sanctions front, speculation based on the buy-back game has aided the 300-odd point rise.

For the foreign institutional investors and operators this is a comfort-level to book profits, if only there is a trigger in the form of some negative news.