The Hindu Business Line : FIIs net sellers of Rs 4,200 cr

Chennai, Nov. 21 Nifty November future tumbled by 4.21 per cent to close at 5540.70. The Nifty November future also moved into discount of about 20 points with respect to the spot close. It ended Tuesday in premium of about four points. Open interest positions, however, improved by 6.73 per cent, particularly during the fag end of the day on account of short-covering.

The Nifty December future was in discount of about 32 points while it saw accumulation of 42 per cent in open interest positions. About 14 per cent positions were rolled over from November to December month series and wider discount suggests lot short positions were rolled over.

Nifty November 5500 put and 5700 call moved into active zone suggesting that traders are buying into options as a hedge.

Foreign institutional investors were net sellers to the tune of Rs 4,200 crore on Tuesday. They hold Rs 15,801 crore of index futures and Rs 45,756 crore on stock futures.

Among stock futures, Reliance Industries, RNRL, Reliance Capital and Reliance Energy remained most active. Momentum counters shed their open interest positions. IDFC and GMR Infra remained in the active zone among momentum players.

Securities ban

The derivative contracts of Neyveli Lignite Corporation, IFCI, Alok Textiles, Essar Oil, Arvind Mills, Adlabs Film and Reliance Petroleum as open interest positions have crossed 95 per cent of the market-wide position limit.