The Hindu Business Line : Cautious day ahead of Budget

Despite today being the settlement day for the March series, turnover remained moderate at Rs 61,065 crore against Wednesday’s turnover of Rs 63,256.76 crore. Nifty future witnessed a healthy rollover of about 75.3 per cent while the overall market-wide rollover stood at 72-73 per cent.

The Nifty March future closed the day at 5254.75 against the spot close of 5285.10 – a discount of about 30 points, maintaining the discount at the same level of Wednesday. This indicates that lot of today’s tradings were intra-day in nature.

The Nifty 5200-strike and 5100-strike were active among the put options while the 5200-strike was the most active among the call options. Still puts are commanding higher premium indicating negative bias.

Stock futures

Reliance was the most active among single stock futures. Other active counters include Reliance Capital, Reliance Energy, RNRL, Essar Oil, NTPC and Reliance Communications.

Rollover of open interest positions individual stock futures remained moderate. However, most of the securities saw their March month series commanding higher premium than the February month contracts, indicating rollover of long positions.

Rollovers

Metals, cement and pharma have dominated rollovers but it has been very stock selective. Among them are Bharat Forge, Jindal Stainless, Hindalco, SAIL and Alok Industries.

However, the rollover of open positions for Reliance counters – RNRL, Reliance Industries and Reliance Energy – was subdued.

FIIs buying

Foreign institutional investors remained net sellers to the tune of Rs 466.5 crore on index futures while they remained net buyers to the tune of Rs 892.72 crore on index options. This indicates that they still expect volatile trading pattern in the days ahead.

In the cash segment, they were net sellers to the tune of Rs 809 crore, according to NSE provisional data.

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