The Hindu Business Line : Jindal Steel star of the day

Chennai, Oct. 31 Premium dipped further Nifty November future in a volatile day; it now commands a premium of about seven points against Tuesday’s premium of about 15 points. Trading volume was modest at Rs 71,090 crore (Rs 89,601 crore).

Besides, there was a drop in open interest positions, particularly at the later part of the day, indicating lot of unwinding of positions during intra-day. Nifty November future open interest positions dipped marginally by about 2 per cent.

Among stock futures, Reliance and IDBI saw sharp surge in open interest while RNRL, Reliance Petroleum and PowerGrid witnessed decline in positions. However, today’s star performer was Jindal Steel & Power Ltd. Its November future surged 25.85 per cent or Rs 2,469.90 to end at Rs 120,23.80.

Open interest surged 9.31 per cent at 41,6625 contracts.

The November future commanded a premium of Rs 147.35 over its spot close of Rs 11,876.45. Talk of bonus expectation besides its strong quarterly financial performance lifted the counter.

However, the company clarified to the exchange that at the moment, the management is not considering issue of any bonus shares.

Securities under ban

The NSE has continued its trading ban on JP Hydro, IFCI and Tata Tele Maharashtra, as the overall open interest position still remained above 95 per cent of the market-wide position limit.

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