The Hindu Business Line : It’s healthy rollover market-wide

The mood turned a trifle cautious with the Sensex crossing the psychological 17K mark and the settlement round the corner, turnover dipped marginally in the F&O segment on the NSE. Today’s turnover stood at Rs 78,536 crore as against Tuesday’s Rs 83,677 crore. While stock futures saw a turnover of Rs 51,957 crore, index futures saw a trading volume of Rs 19,026.81 crore. Reliance was the most active followed by State Bank of India. The top 10 contracts contributed to around 19 per cent of the total traded volume in futures on individual securities.

Healthy rollover

While the market-wide rollover was about 60 per cent, Nifty future saw a rollover of 55 per cent to the October series. Metal, bank and refinery counters saw robust rollovers. Among the counters that saw strong rollover are RNRL, MRPL, JSW Steel, Hindalco, Punjab National Bank and Union Bank.

Interestingly, refinery counters – MRPL and Bongaigaon Refineries, saw addition to the open interest in September series, despite the fact that these contracts have only a day to go for expiry.

In premium

While Nifty September future commands a premium of about 15 points (one day for expiry), Nifty October future is quoting at a premium of about five points over the spot close, thus providing a trading opportunity. Traders can consider going short on September future and long on Nifty Oct future. As the price tend to converge with the spot close at the time of expiry, traders can benefit from the calendar spread.

Securities in ban

The NSE has banned the trading on Triveni Engg, Rajesh Expo, Arvind Mills,, Bindal Agro, Tata Tele Maharashtra, GMR Infra, IFCI, JP Hydro & Nagarjuna Fertilizers as open interest positions have crossed the 95 per cent of the market-wide position limit in these stocks.

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