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Our Bureau

Chennai, April 1 Turnover dipped sharply to Rs 35,886.84 crore against Monday’s turnover of Rs 47,200 crore. However, NSE Nifty future moved into sharp premium. It now commands a premium of 33.4 points against Monday’s marginal discount of about two points. While the initial recovery was due to short-covering, the later part of the day also saw fresh accumulation of long positions.

Nifty April future saw an accumulation of about 16 per cent in open interest positions.

While Nifty call 4800,5000 and 4900 strikes remained active, on the put side 4500 and 4700 strikes witnesses heightened activity. While puts added open interest, calls shed open interest positions. This suggests that the market is still skewed towards bear.

Reliance Industries, Reliance Petroleum and Reliance Capital were among the most active April contracts. The other active counters include SAIL, DLF, Larsen & Toubro, ICICI Bank, Essar Oil, RCom and BHEL. Among them RPL and Essar Oil gained sharply and added strong open interest positions. On the other hand, counter such as SAIL, DLF and L&T tumbled but added open interest positions. Most of the counters ended in premium with respect to their spot closes indicating accumulation of long positions.

However, SAIL April future, which declined 5 per cent, closed at Rs 175.75 against the spot close of Rs 185.3, suggesting creation of fresh short positions.

Reliance Petroleum April future gained 7.57 per cent at Rs 168.30 and added about 11 per cent in open interest positions. The spot price closed at Rs 167.05.

BHEL April future finished at Rs 1,905.05, a drop of 7.46 per cent, and in premium to the spot close of Rs 1,892.2. It added about 39 per cent in open interest. This indicates that lot of traders added long positions, particularly during closing hours of the market.

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