New Delhi, June 15 -- India's options market buzzed with activity before the West Asia peace deal was announced over the weekend, with bears scurrying for cover while bulls drove up the Nifty almost 3% over two sessions through Monday.

On Friday, options activity flipped after two months, with the total value of outstanding puts sold relative to calls higher by Rs.51,117 crore, per analytics firm IndiaCharts. A day earlier, the value of outstanding calls sold exceeded that of puts sold by a whopping Rs.1.89 trillion, implying bearish sentiment.

When options traders sell more puts than calls, it's a bullish signal as they expect markets to rise, allowing them to pocket the premiums paid by put buyers.

Despite two days of a strong rally,...