The Hindu Business Line : Cement, metal see strong rollover

Chennai, March 27 Trading volume remained moderate at Rs 64,308.86 crore on the settlement day of March series in the NSE. The Nifty April futures ended at 4853.20 against the spot close of 4830.25.

This indicates that lot of long positions have been rolled over from March series. However, the rollover was just moderate at 62 per cent. The Nifty futures used to witness about 70-75 per cent of positions getting rolled over during previous occasions.

Among the April options, Nifty 4500 and 4800 puts remained active, while Nifty 5000-strike witnessed strong activity among the call options.

While 4500-put saw a jump of 245 per cent in open interest and 4800-put 114 per cent, the 5000-saw call witnessed a jump of 84 per cent in open interest positions. This indicates downward bias for the market. This also indicates a range for the Nifty 4500-5000.

Stock futures

However, stock futures witnessed a decent rollover of about 75-78 per cent. Among the sector, cement, IT and metals have seen the strongest rollovers. Apart from Reliance pack, counters such as Hindalco, JSW Steel, HOEC, Parsvnath, HDIL and JP Hydro also witnessed healthy rollovers.

Reliance Industries was the most active counter followed by Reliance Capital, DLF, Reliance Energy, Reliance Communications, SBI, Reliance Petroleum and JP Associates.

Among them Reliance Capital, which was among the worst affected in the recent turmoil, saw a healthy rollover of 87 per cent. The Reliance Capital March future finished at 1319.50 and the April future at 1327.05 against the spot close of 1319.90, indicating bullish signal for the stock.

FIIs buying

Though foreign institutional investors remained net buyer to the tune of Rs 270.75 crore, they were actually net sellers to the tune of Rs 813.48 crore on index futures, Rs 104.15 crore on stock futures and Rs 10.54 on stock options. Their net buying of Rs 1,198.92 crore on index options turned the table. This also indicates that market is heading for volatile period.

Overseas investors remained net buyers in the equity market on Thursday with their net buying at Rs 247.98 crore.

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