Financial Daily from THE HINDU group of publications
Wednesday, May 28, 2003

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SBI remains active

C. Raja Rajeshwari

THE derivatives segment on the NSE witnessed increased trading on Tuesday, with only three days before the expiry of the May contracts. The turnover was higher by 3.4 per cent at Rs 3,079 crore as compared to Monday's turnover of Rs 2977 crore.

Nifty futures: The May Nifty future was the most active contract in the segment. With the spot Nifty closing the day in the negative territory, the May futures closed at Rs 972, losing Rs 12.60 form its previous close of Rs 984.60. Open interest declined by 25.97 per cent. The June futures closed the day at Rs 970.85, lower by Rs 12. Open interest increased by 65 per cent.

Stock futures: SBI and Satyam were the most actively traded contracts. The spot SBI declined Rs 5.70 to close at Rs 338.75. The May future closed the day at Rs 339. With trading interest shifting to the June contracts, open interest for May contracts declined 23.26 per cent.

The June contracts lost Rs 5.65 point to close at Rs 341.50 and open interest jumped two-fold. The futures quoted at a premium to the spot. The unmatched order book showed more were interested in `shorting' the future contracts.

Nifty options: Trading interest was concentrated around the May 980 call, the May 990 call (both out-the-money).

With the spot decreasing, the May 980 call, which was in-the money on Monday, turned to OTM. The option premium declined from Rs 8.05 on Monday to close the day at Rs 2.25, losing Rs 5.80 points. Open interest was down by 11.72 per cent

With the spot falling, the in-the-money 970 May call lost value to close at Rs 7, open interest declined by 28.26 per cent.

Among the Puts, the May 980 put and the May 970 put were active. The 980 June put closed at Rs 20, increasing by Rs 4.05 and open interest jumped two-fold.

Stock options: Among the stock options, Satyam, Reliance, SBI and Tata Engg were the most active.

The spot Tata Steel closed the day at Rs 142.30, declining by Rs 3.70 points. The May 140 calls was active and closed the day at Rs 3.30, losing Rs 3.20 on Tuesday. Open interest declined 14.77 per cent. However, the open interest in the May 145 put (ITM) increased by 49.46 per cent. The contract appreciated to close at Rs 3.60 on Tuesday with the spot falling. Trading interest shifted to June 150-strike and the 145-strike calls. Open interest jumped 34.50 per cent and 34.22 per cent respectively.

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