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Our Bureau

Chennai, July 22 Trading volume remained modest at above Rs 43,942.21 crore on Monday. The Nifty future turned into premium for the first time since May; it now commands a premium of about six points over the spot close. This was mainly on account of heavy short-covering and creation of fresh long positions. Nifty August future, however, still rules in discount at 4149.6 against the spot close of 4159.5.

The Nifty July future shed about 4.69 lakh shares, mainly shorts, in open interest positions.

Among the options, Nifty 4200 call was the most active. But it dropped 11.6 per cent or 3.49 per cent in open interest positions.

The Nifty 4000 put was the next most active option. It added about 8.39 lakh shares or 27.67 per cent in open interest positions. This indicates strong support for Nifty at 4000.

India VIX or NSE Volatility index surges to 40.40 against Friday’s close of 36.25. This indicates that traders have accumulated more puts ahead of crucial trust vote by the UPA Government.

Reliance Industries was the most active followed by SBI, Reliance Capital.

Most contracts shed open interest positions, indicating short-covering. Among the counters that shed open interests are State Bank of India, Reliance Capital, Reliance Petroleum, NTPC, Reliance Communications, Ranbaxy and Tata Steel.

While most of the counters ended at par with the spot closing price, SBI July future ended in discount at 1340.55 against the spot close of 1352.55, indicating some pressure ahead for the counter.

NTPC July future ended with a sharp gain of 5.81 per cent at 181.3 against the spot close 181.5. It, however, shed about 20.43 lakh shares or 4.6 per cent in open interest. Cost-of-carry also turned positive which bodes well for the sentiment.

Reliance Industries, which shed about 3.5 per cent or 2.39 lakh shares in open interest, closed at 2160.95, in premium against the spot close of 2152.85. Cost-of-carry also turned positive, indicating positive bias for the stock.

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