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Our Bureau

Chennai, Jan. 8 Amid volatile trading pattern, the Nifty January futures moved into discount with respect to spot close. While the spot Nifty gained 0.14 per cent, the Nifty January futures declined 0.25 per cent on Tuesday. It now trails the spot Nifty by 15 points while cost of carry also dipped into negative at -4.2 per cent. Nifty futures maintain annualised volatility at around 30 per cent indicating further volatility to the market. There was marginal increase of 0.36 per cent in open interest positions. Among options 6,300-put and 6,200-call were active. This suggests that while the Nifty faces resistance at 6300 level, it finds support at 6,200. Turnover remained robust at Rs 84,356 crore, which is the highest since December 27.

RNRL continued to show its resilience and remained as most active contracts. While the RNRL January futures jumped about seven per cent, open interest positions saw a marginal decline of about one per cent. The RNRL stock on the NSE closed at Rs 244.35 on the spot market.

Other active counters are Reliance Petroleum, Reliance Industries, Reliance Energy, Reliance Communication, Reliance Capital, SBI, Essar Oil and L&T.

Reliance Petroleum, however, attracted trading ban as its open interest crossed 95 per cent mark. The RPL January futures slipped 1.91 per cent and saw additions of 6 per cent in open interest positions.

Overseas investors were net sellers to the tune of Rs 697.69 crore in the F&O segment on January 7, the latest data available with the NSE. However, they were net buyers to the tune of Rs 7,165 crore on index futures and Rs 348 crore on index options. But they sold Rs 1,762-crore worth stock futures, pushing the whole figure in negative.

The NSE has banned 17 stocks – Adlabs Films, Aptech, Arvind Mills, Bindal Agro, Bongaigaon Refineries, GMR Infrastructure, Hindustan Oil Exploration, Hotel Leelaventure, IFCI, Ispat Industries, IVR Prime, Nagarjuna Fertilisers, Parsvnath Developers, Rajesh Exports, Reliance Petroleum, SRF and Tata Tele Maharashtra – as open interest positions in these counters have crossed the stipulated 95 per cent of market-wide positions.

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