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Our Bureau

Chennai, May 29 Turnover zoomed to Rs 64,758 crore – the highest since January 30 – against Wednesday’s figure of Rs 56,333.37 crore. The Nifty June future closed at 4858.65, a premium of about 23.35 points, over the spot close of 4835.3.

The Nifty future witnessed a rollover of open interest position to June series at 66 per cent, which is well below the average rollover figure of about 75 per cent.

This suggests a weak outlook for the market as market participants were reluctant to carryover their positions (Nifty) due to uncertainty over petroleum price hike. On the stock side, lot of stock futures, short positions were carried over to June series.

Among the options, Nifty June 4800 put and Nifty 4900 June put were the most active and both added sharp accumulation in open interest positions.

India VIX or the NSE volatility index declined about 14 per cent to 28.08 against the previous day’s close of 32.63. This indicates calm days ahead for the Nifty, as the settlement for the May series has been completed smoothly.

Reliance Industries was the most active counter followed by Larsen & Toubro, IFCI, Reliance Petroleum, Tata Steel and Cairn India.

Among them, L&T and IFCI witnessed sharp activity. They saw rollover of 85 per cent and 87 per cent respectively. L&T June future closed in premium at Rs 2897.3 against the spot close of Rs 2882.25, while IFCI future ended at Rs 62.75 against the spot close of Rs 62.25. Cost-of-carry for both the counters remained positive, indicting that traders are willing to carryover their positions.

Reliance Industries saw a rollover of about 75 per cent and RPL witnessed rollover of 83 per cent.

Reliance Communications also witnessed sharp activity with close to 80 per cent of open interest positions being rolled over to June month series.

It closed at 575.65 in premium with respect to the spot close of 571.65, while cost-of-carry also ended in positive.

Foreign institutional investors have stepped up their selling in the cash segment. They were net sellers to the tune of Rs 1,277.63 crore.

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