The Hindu Business Line : Reliance, REL witness sharp rollovers

Chennai, Oct. 23 Trading volumes picked up at the bourses following SEBI clarifications and the F&O segment at the NSE witnessed a turnover of Rs 97,393.15 crore against Monday’s volume of Rs 71,454 crore.

Rollover was quite healthy, particularly for Nifty futures, which saw a 46 per cent positions carried over to November series. Despite only two days left for expiry, Nifty October futures commanded a premium of over 15.4 points as against Monday’s discount of about 10 points.

This indicates short covering of Nifty October future ahead of its expiry. Nifty November future is in discount of about three points to the Nifty spot close.

Among index futures, Bankex saw sharp rollovers of 46 per cent while Nifty Junior and Nifty CNX IT indices saw a rather tepid figure of 8 per cent only.

Among stock futures, Reliance counters remained active.

Reliance Industries and Reliance Energy saw a rollover of 33 per cent and 36 per cent respectively.

It seems that a lot of short positions were added to Birla Corporation, HCL Technologies, Tata Chemicals and Cairn India as these future contracts are trading in steep discount with respect to their spot prices.

On the other hand, Ballarpur Industries, Strides Arcolab, Shree Cements, Sterling Biotech and Bank of India added move positions and saw sharp rollovers.

Securities under ban

NSE has imposed a trading ban on Tata Tele Maharashtra, NIIT Technologies, SRF and Omaxe as open interest positions have crossed the stipulated 95 per cent of the market-wide position limit.