The Hindu Business Line : RNRL hogs limelight

Chennai, Jan. 2 Thanks to a fresh addition of long positions towards the closing hours, the Nifty January futures moved into a healthy premium of about 40 points with respect to the spot close. During most part of the day, the premium was ruling around the spot levels and even turned into a discount. The premium on Tuesday was 12 points.

Trading volume also picked up quite sharply at Rs 74,186.47 crore against Tuesday’s figure of Rs 49,163 crore. According to NSE Web site, the Nifty January futures saw a decline of about one per cent in open interest positions.

The Nifty 6100 put saw sharp accumulation in open interest positions indicating strong support at 6100 level.

Bank Nifty futures

Bank Nifty January futures finished with a gain of 3 per cent, while February contracts finished with a gain of 10 per cent. This provides excellent calendar spread strategy. Traders can benefit by shorting the February contracts, which is quoting at 10459 and going long on January contracts, which finished the day at 10346.4.

R-pack counters – RNRL, Reliance Energy, Reliance Industries , Reliance Capital and Reliance Petroleum — continued to witness sharp activity. Other active counters include Jindal Steel, Essar Oil, NTPC and SBI.

RNRL was the star performer among them. RNRL January futures jumped 7.25 per cent and saw an addition of 8.25 per cent in open interest positions. Jindal Steel January futures gained 4.26 per cent and added about three per cent in open interest positions.

FIIs activity

Overseas investors remained net sellers to the tune of Rs 223 crore mainly on account of their heavy selling on stock futures (Rs 1,037 crore). However, they were net buyers to the tune of Rs 33 crore on index futures and Rs 781 crore on index options, according to latest data available with the NSE.

Securities under ban

The NSE has banned trading in Aptech, Arvind Mills, Bongaigaon Refineries, Essar Oil, Hindustan Oil Exploration, Parsvnath Developers and Rajesh Exports, as open interest positions have crossed the 95 per cent of the market-wide open interest positions.

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