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Our Bureau

Chennai, July 28 Despite this being the settlement week for July contracts, turnover slipped to Rs 45,000.9 crore on Monday against Friday’s turnover of Rs 53,163.45 crore. The July Nifty Future closed at 4337.15 against the spot close of 4332.10. Even the August future, which was commanding higher premium with respect to the spot close, ended almost on par with spot close at 4333.10. This indicates rolling over of fresh short positions into August month.

The Nifty futures’ rollover of open interest positions stood at 35 per cent, which is average.

Among the options, Nifty July 4400 and 4300 calls were the most active followed by Nifty 4300 put.

In the August series, Nifty 4500 call and Nifty 4200 put were the most active, indicating the possible Nifty movement’s range.

India VIX or NSE Volatility index surged to 54.06 per cent, almost the level it touched on January 28, when the market was witnessing turbulent phase. Volatility Index is a good indicator of the investors’ perception on how volatile markets are expected to be in the near-term. When the selling activity increases significantly, anxiety among investors tends to rise. Investors rush to buy puts, which, in turn, pushes the price of these options higher. This increased amount investors are willing to pay for put options shows up in higher readings on the volatility index. High readings indicate a higher risk market place.

Reliance Industries was the most active followed by Larsen & Toubro, SBI, Reliance Petroleum.

SBI and ICICI Bank witnessed sharp fall in open interest positions of 23 per cent and 20 per cent respectively. Besides, both the counters closed in discount at 1409.9 (spot close 1,417.45) and at 659.95 (663.4). This indicates accumulation of short positions.

Reliance Petroleum also saw sharp drop in open interest positions but ended with premium at 163.1 against the spot close of 162.6.

Reliance Industries too shed open interest but ended in premium at 2183.1 against the spot close of 2179.9.

Among the counters that witnessed healthy rollovers are Adlabs, Amtek Auto, Aurobindo Pharma, Bongaigaon Refiners, Century Textiles, Hindalco, HPCL, Hindustan Oil Exploration, India Cements, Jindal Stainless, S. Kumars Nationwide and UltraTech Cement.

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