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Our Bureau

Chennai, June 30 Turnover remained moderate at Rs 40,591 crore against Friday’s turnover of Rs 45,408 crore. The discount for July future widened to 67.8 points with respect to the spot close, indicating the accumulation of fresh short positions. Even as the spot Nifty remained above the psychological 4000-mark, all the three Nifty futures – July, August and September – closed below the crucial mark. While the Nifty July future closed the day at 3972.75, the August series ended at 3959.8 and the September series at 3956.80, indicating negative bias in the market.

Among the options, Nifty 4000 put and Nifty 4200 call were the most active. While the former shed 2.28 lakh shares in open interest, the latter saw an accumulation of 4.9 lakh shares. This indicates that 4200 could act as a strong resistance level.

Reliance Industries was the most active followed by Reliance Petroleum, Tata Steel, Reliance Capital and RCom.

Today’s heavy fall pushed lot of traders to square-off their long positions in number of individual contracts. Among them are Reliance Petroleum, Tata Steel, Shree Renuka Sugars, Infosys Technologies and DLF.

Reliance Petroleum July future ended in discount at Rs 169.9 against the spot close of 170.55 and shed about 12.31 lakh shares in open interest, painting a negative outlook for the stock.

Essar Oil was the worst affected among them. The July future slipped over 11 per cent at Rs 176.4, which is also the spot price close. It added about 5.5 lakh shares or 9.8 per cent in open interest positions.

Foreign institutional investors remained net sellers to the tune of Rs 63.28 crore on Monday. While they were net sellers in index futures worth Rs 649.95 crore, they were net buyers in index options (Rs 367.65 crore), stock futures (Rs 136.49 crore) and stock options (Rs 82.53 crore).

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