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Our Bureau

Chennai, June 16 Trading volumes declined sharply on Monday to Rs 40,166.83 crore against the daily last week average volume of Rs 50,268 crore in the F&O segment on the NSE.

The Nifty June future closed at 4571.3, almost on par with the Nifty spot close of 4572.5, thanks to heavy short-covering.

The Nifty June future commanded a discount of about 33 points on Friday.

Rollover of open interest (at 6 per cent) is yet to pick for Nifty future.

However, with the Nifty July future closing at 4563.75, the farther discount indicates rollover of short positions.

Among the options, Nifty 4600 call and 4500 put were the most active contracts. However, Nifty 4200 July put added about 1.7 lakh shares in open interest positions.

This indicates a negative bias for the market in the medium term.

Reliance Industries was the most active followed by Chambal Fertilisers, Reliance Petroleum, Reliance Capital and Ranbaxy.

Reliance Capital, Reliance Petroleum, DLF and Chambal Fertilisers saw heavy unwinding in open interest positions.

Among them, Ranbaxy Laboratories saw intense arbitrage activity.

While buying was seen Ranbaxy July futures, the August series of Ranbaxy saw selling.

This was on expectation of a decline in Ranbaxy August series after the open offer gets completed.

Japanese drug maker Daiichi Sankyo Company, which is acquiring promoters’ 34.8 per cent stake in Ranbaxy Laboratories, today made an open offer to pick up a further 20 per cent stake in the domestic pharma major.

Ranbaxy July futures closed at Rs 568.45 gaining Rs 2.90 over the previous close while Ranbaxy August futures closed at 553.1 losing Rs 5.10.

The Ranbaxy June contracts also closed with a gain of 1.85 points at Rs 568.85.

Long positions were built in steel counters such as JSW Steel and Jinda Saw. Unitech and Bharti Airtel also saw a build up of long positions. Short positions were built in Jet Airways, Cairn India, Sesa Goa and Reliance Communications.

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Daiichi Sankyo’s open offer for Ranbaxy opens on August 8

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