The Hindu Business Line : Sugar counters turn active

Chennai, Dec. 19 The rollover of Nifty future positions to January month contracts increased quite sharply on Wednesday to 29 per cent. Though the Nifty future began on promising note, it could not hold on to gains and slipped towards the later part of the day. However, short-covering towards closing hours helped the Nifty December future to end on slightly better note. It shed 12 per cent in open interest, according to NSE site and in premium of about 27 points with respect to the spot close.

On the other hand, Nifty January future ended with a premium of about nine points and saw accumulation of 65 per cent in open interest positions. The small premium of Nifty January future suggests that lot of short position were rolled over.

On the option segment, 5800 strikes of put and call turned active. This indicates that traders are adopting cautious strategy.

Overall, trading volume improved to Rs 79,137 crore against Tuesday’s turnover of Rs 74,579 crore.

Stock futures

Sugar counters turned active and saw sharp accumulation in open interest positions. Among them, Triveni Engineering, Renuka Sugars and Balrampur Chini are most active counters. As usual, R-pack companies – Reliance Energy, Reliance Energy, RNRL, Reliance Capital, Reliance Industries and RCom – also remained active. Balrampur Chinni December future was the biggest gainer by 11 per cent and closed at Rs 114 against the spot close of Rs 113.40.

While Renuka Sugars future ended with a sharp gain of 5.53 per cent, Triveni Engineering closed with a minor fall of about one per cent.

FIIs sellers

Overseas investors remained net sellers to the tune of Rs 1,077 crore on Tuesday, according to the latest data available with the NSE. While they sold Rs 1,080 crore on index futures and Rs 746 crore on stock futures, FIIs remained net buyers to the tune of Rs 749 crore on index options. This suggests that they are hedging their long positions in cash market.

Stocks under ban

The NSE has banned trading on seven stocks – Adlabs Films, Aptech, Essar Oil, Gitanjali Gems, IFCI, Nagarjuna Fertlisers, PowerGrid and Triveni Engineering – as open interest positions have crossed the stipulated 95 per cent of the market-wide position.

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