The Hindu Business Line : Banking stocks see healthy rollovers

Chennai, Nov. 28 After opening on a firm note, Nifty futures immediately turned weak and towards the close, ended in deep red. However, rollover open positions was quite healthy at 68 per cent while the market wide rollover was seen at about 58-60 per cent.

Trading volumes also picked up at Rs 86,287 crore against Tuesday’s turnover of Rs 75,190 crore. However, volumes remained sharply lower when compared with previous settlement period, which witnessed a turnover of about Rs 1 lakh crore.

Nifty position

Nifty November contract ended at an 18-point premium to the spot index, mainly on account of fresh long positions. Nifty December future, which closed at 5613.75 down by 1.9 per cent, saw an accumulation of open interest positions but ended in discount of about four points. This indicates that a lot of short positions were rolled over.

Market may witness volatile trading on Thursday on expiry of November derivatives contract.

Rollover of open positions was quite healthy in mid/small-cap banking stocks. Indian Bank, Vijaya Bank and Central Bank witnessed strong rollovers. Apart from these counters, JP Associates, Chennai Petroleum and GMR Infra also saw smart rollovers.

FIIs selling

After remaining net buyers, particularly of index futures, foreign institutional turned net sellers on Tuesday. They sold about Rs 465 crore. While they remained neutral on the index futures, they sold about Rs 500 crore on stock futures.

Stocks under ban

The NSE has maintained its trading ban on Essar Oil Bongaigaon Refinery, Tata Tele Maharashtra, JP Hydro, Reliance Petroleum, NIIT Tech, and Adlabs Film as open interest positions have crossed 95 per cent of the market-wide position limit.

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