The Hindu Business Line : Reliance Petroleum under ban

Though the Nifty spot witnessed sharp fall, Nifty November future withstood the selling pressure as it declined only by 0.39 per cent as against Nifty’s fall of 1.04 per cent.

As a result, the premium widened to 35.6 points and it added about 1.5 per cent in open interest positions.

Interestingly, both Nifty November and December futures are quoting at 5786 against the Nifty spot close of 5822.1.

Apart from Nifty November future, other active counters such as RNRL, Reliance Energy, PowerGrid, Reliance Industries, Neyveli Lignite Corporation, GMR Infrastructure, NTPC and RCom finished in premium to their respective spot closes, indicating that some genuine selling happened in the spot market. However, Reliance Petroleum ended in discount to the spot close.

After adding over 35 per cent in open interest positions, Reliance Petroleum November future added another 20 per cent on Tuesday.

However, the counter slipped 16.48 per cent to Rs 217.45 against the spot close of Rs 220.15, which indicates further additions of short positions in the counter.

Securities under ban

The NSE has banned trading in Reliance Petroleum, SRF, Arvind Mills, Essar Oil, and Adlabs as open interest positions have crossed 95 per cent of the market-wide position limit.

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