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Our Bureau

Chennai, Jan. 10 The Nifty January futures turned into premium on Thursday, albeit, marginally about 4 points. Heavy selling in the spot market, particularly index heavy weights, led to sharp fall in the Nifty spot index. The swift fall, particularly during the closing hours of the market, caught many F&O traders unawares, and kept them on the side lines. The Nifty January futures closed at 6160.6 against the spot close of 6156.95.

Trading volumes remained buoyant around Rs 78,347 crore. The Nifty January futures fell 1.66 per cent and saw shedding of over two per cent in open interest positions.

Momentum counters lost their steam in today’s sell-off. The RNRL January futures, which remained darlings of investors until now, slipped about nine per cent and also lost about 4 per cent in open interest positions. This indicates the nervousness of market participants. Other momentum counters such as Essar Oil, HDIL and Jindal Steel also tumbled between 3 per cent and 7 per cent.

However, ICICI Bank was the star performer in today’s trading. It’s January futures finished with a gain of 3.36 per cent at 1,358.05, but off from intra-day’s high of Rs 1,399.95. Open interest positions dipped by over 7 per cent indicating profit taking at higher levels.

Infosys Technologies, which will be announcing its Q3 number on Friday, saw sharp build up in interest positions. Though the Infosys January futures slipped 3.12 per cent, it saw accumulations of over seven per cent in open interest.

Overseas investors remained net sellers to the tune of about Rs 890 crore. They were net sellers of Rs 533.27 crore in index futures and Rs 556.03 crore in stock futures though they remained net buyers to the tune of Rs 195.28 crore in index options.

Reliance Petroleum continued to attract trading ban in the F&O segment as its open interest positions crossed the 95 per cent of the market wide limit. RNRL also came under trading ban. Others which attracted trading ban are: Adlabs Films, Aptech, Arvind Mills, Bindal Agro, GMR Infrastructure, Hindustan Oil Exploration, Hotel Leelaventure, IFCI, Ispat Industries, IVR Prime, JP Hydro, Nagarjuna Fertilisers, Parsvnath Developers and SRF.

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