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The stocks of MTNL and HPCL shot up on Tuesday even as Cairn Energy and Idea Cellular, which are replacing them in Nifty from December 12, declined. According to market men, the NSE had announced these changes on October 30. Institutional investors, particularly arbitrage funds, went short on MTNL and HPCL and long on Cairn Energy and Idea Cellular. With the changes in Nifty composition scheduled to happen on Wednesday, they reversed their positions on Tuesday.

MTNL gained 8.84 per cent at Rs 193.75 on the NSE in cash market; MTNL December future closed at 194.55 and added 8.84 per cent in open interest positions. HPCL flared up by 6.56 per cent at Rs 329 in the spot market, while it closed at Rs 332.20 on the future market and added about 3 per cent in open interest.

Cairn Energy closed at Rs 211.05, down 0.68 per cent over the previous day’s close. The Cairn future closed at 213.1, while open positions surged 18.3 per cent. Idea Cellular closed at Rs 133.10 in the spot market and at Rs 133.60 in the future market and added 15 per cent in open interest positions.

K.S. Badri Narayanan

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