Financial Daily from THE HINDU group of publications
Tuesday, Nov 11, 2003
Financial Daily from THE HINDU group of publications Tuesday, Nov 11, 2003 |
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Markets
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Derivatives Markets Tata Power in spotlight K.S. Badri Narayanan
TRADING activity in the derivative segment on the NSE was rather subdued on Monday due to a technical problem in the NSE in the early part of the day. As a result, turnover of F&O segment dipped to about Rs 6,206 crore against Friday's turnover of Rs 9,200 crore. Cumulative FII positions as percentage of total gross market position in the derivative segment as on November 7 stood at 18.93 per cent. Index futures: On a volatile day, the near-month November Nifty futures closed higher at 1605.10, against the previous day's close of 1597.70, after hitting the day's high of 1610 and a low of 1572.90. The November futures closed at a premium of over 10 points to the Nifty spot index close of 1594.50. Open interest position improved over 4 per cent to 28,387 contracts. The unmatched bid-ask order book suggests bullish undertone as the bid side outnumbered the ask side calls by 1.93 times. The December Nifty futures also ended the day at a premium at 1604.95 and open interest improved by eight per cent to 552 contracts. Stock futures: All the 53 listed stock futures got traded. Among them, Satyam Computer was the most active followed by Reliance, Tata Steel and Tata Power. Tata Power turned active, as it was one of the five stocks that was included in the BSE Sensex on Monday. The November Tata Power futures closed at Rs 264.70 (Rs 249.55), a gain of over 6 per cent. Open interest improved by 2 per cent to 3,679 contracts. Unmatched bid/ask order book on the NSE suggests bullish outlook as bid side overwhelmed by close to three times than ask side call. Market lot for Tata Power is 1600 contract. Index options: With the market fluctuating around the 1600-mark, the November 1620, 1600 and the 1640 strikes were active among call options. The November 1600, 1580 and the 1590 strikes were the most active among put options. The premium of the out-of-the money (OTM) November 1600 call flared up to Rs 41.75 (Rs 38.40) and open interest jumped close to 50 per cent to 411 contracts. On the other hand, the premium of the in-the-money (ITM) November 1600 puts dipped to Rs 36 (Rs 42.10); open interest slipped over 12 per cent to 716 contracts. Equity options: Once again call options dominated the scene among individual options. Among them, the November 360, 380 and the 370 strikes on Tata Steel were the most active. Contracts on Satyam (the November 340, 330 and the 320 strikes) and Reliance (the November 500 and the 480 strikes) were also actively traded.
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