Business Daily from THE HINDU group of publications
Tuesday, Oct 09, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 09, 2007 ePaper |
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Markets
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Derivatives Markets
Our Bureau Chennai, Oct. 8 After commanding premium for quite a few days (on day’s close basis), the Nifty futures closed in discount against Nifty spot. The Nifty October futures now trails the Nifty spot by 13.3 points surrendering its entire Friday’s close premium of about six points. Volumes, however, remained robust around Rs 69,000 crore. Nifty futures closed the day at 5071.80, a drop of 2.20 per cent over Friday’s close. Nifty October futures did not add any open positions today suggesting heightened intra-day trading. Among options, 5200 call and 5000 puts were active, indicating resistance and support levels. Momentum counters such as Reliance Natural Resources Ltd, JP Hydro Power, Tata Teleservices Maharashtra, IFCI and Nagarjuna Fertilizers, today fell out of investors’ interest. Apart from strong erosion in prices, all these futures saw strong drop in open interest positions. Till recently, these counters attracted heavy open interest positions – and in fact the position reached the maximum permissible limit and NSE had to impose trading ban so as to resume trading. Apart from momentum counters – Reliance group stocks – Reliance Industries, Reliance Communications, Reliance Capital, Reliance Energy and Tata Steel and SBI lost open interest positions. Securities under banThe NSE has banned trading on Essar Oil, as open interest positions have crossed the stipulated 95 per cent market-wide position limit. More Stories on : Derivatives Markets
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