The Hindu Business Line : Reliance Petroleum back in limelight

Chennai, Dec. 6 After touching a high of 6049, the Nifty December future could not hold on to gains and ended in negative territory. It declined 0.12 per cent to end at 5969.85.

And in the process, the NSE December future surrendered most of its premium with respect to the spot close on account of squaring-off long positions, particularly during the closing hours of the trading. The Nifty December future, which commanded a premium of about 38 points on Wednesday, closed with a premium of about 15 points on Thursday. During most part of the intra-day trading, the premium was more than 30 points.

Trading volume improved to Rs 66,472 crore compared with about Rs 57,000 crore witnessed during the last few days.

RPL turns active

Ispat Industries continued to attract market attention as it was the most active counter among stock futures. Reliance-pack counters regained their prominence replacing momentum counters, which were in thick of attention for the last few days. Reliance Petroleum was the second most active counter, followed by Reliance Energy, Reliance Industries, NTPC and RNRL.

Chambal Fertilizers, Idea Cellular, Ashok Leyland and DLF also remained active.

After witnessing a quiet period for sometime, Reliance Petroleum turned very active. While the counter gained 1.21 per cent, open interest surged to Rs 3,062 crore contracts, indicating revival of bullish trend in the counter.

FIIs turn sellers

Though foreign institutional investors were net buyers in index futures on Wednesday, overall they were net sellers as they offloaded stock futures heavily. They were net sellers to the tune of Rs 236 crore but were net buyers to the tune of Rs 613 crore on index futures.

Securities ban

The NSE has banned trading in GMR Infra, SRF, Tata Tele Maharashtra, JP Hydro, Essar Oil, IFCI, Rajesh Expo, Arvind Mills & Nagarjuna Fertilizers as open interest positions have crossed 95 per cent of the market-wide position limit.

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