The Nifty 50 stands pretty much flat at 9151 despite trading in a range of 2.7%. Average daily trading volumes have been very high at $5.3bn by comparison to a trailing average of $3.6bn. Some of this may be due to promoters shuffling their holdings in anticipation of changes in the capital gains tax regime effective April 1st. Foreign portfolio investors bought a net $1,481bn while domestic institutions were also net buyers, of $220mil. In spite of the powerful flows, however, market breadth was narrow, with advances barely exceeding declines. Volatility remains low, with the India VIX continuing to hold its range, trading down from 12 to 10 before closing where it opened. Index futures closed at a premium of just 0.6% again.