The Hindu Business Line : Essar Oil in the limelight

Open interest positions remained almost flat indicating that most of the deal squared off during the day itself, as traders were not sure of market direction.

Nifty December future though saw accumulation in open interest positions closed in discount of about 10 points to the spot close.

Trading volume continued to remain moderate.

Stock futures

Momentum counters such as Reliance Natural Resources, Mangalore Refinery and Petrochemicals, GMR Infrastructure, Neyveli Lignite and Petronet remained active. Apart from these counters, Reliance Industry, Reliance Energy and NTPC also remained active.

All these stock futures are in premium to their respective spot closes, indicating the underlying bullishness of the market.

However, the star of the day was Essar Oil.

The Essar Oil November future went up by 31.15 per cent. Open interest positions also moved up by 5.19 per cent.

F&O under ban

Counters such as Balrampur Chini, Omaxe, Power Grid, Adlabs Films, Reliance Petroleum, SRF, Tata Tele Maharashtra and IFCI continued to attract NSE trading ban, as open interest positions have crossed 95 per cent of the market-wide position limit

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