When aggressive market activity happens against the near consensus view, the market movement can be sharp. Yesterday’s 550-point spike in Nifty from the lows was a classic case of such unexpected contrarian trend. The near consensus view was that FIIs will slowdown purchases in India and might even turn sellers preferring the cheaper Chinese stocks in view of the emerging US-China trade deal. This explains the sharp rise in cash holdings of the mutual funds and DIIs turning sellers. But the FII’s aggressive contrarian move against the prevailing consensus by buying stocks for Rs 5393 crores surprised the majority of market participants