The Hindu Business Line : Bank counters shed open interest

Chennai, Sept. 12 Nifty future ended flat on Wednesday but open interest positions dipped 0.29 per cent at 3.78 crore contracts, indicating nervousness of market participants.

The discount of 10.5 points against Tuesday’s 11.5 points also suggests that lot of positions have been squared off during the trading day.

Total traded volume in the F&O segment on the NSE dipped to Rs 40,563 crore against Tuesday’s volume of Rs 41,740 crore.

The top 10 contracts contributed to around 40 per cent of the total traded volume in futures on individual securities

Reliance Capital, Reliance Industries and Reliance Energy were the top traded counters though only Reliance saw further accumulation in open interest positions, while the other two shed some positions.

United Phosphorus continued to witness accumulation in open interest; now client open positions touched 50 per cent mark for the counter.

Other counters that saw sharp accumulation are LMW and Bata India.

Counters from banking space shed open positions, indicating lack of interest in banking stocks as they had run-up sharply in recent times. Counters that shed open interest included — Bank of India, Central Bank and Canara Bank.

While counters such as Alok Industries, Hindustan Unilever and Jet Airways were trailing their respective underlying equities, Titan, Indian Oil and BPCL commanded a premium over their spot price.

Securities under ban

The NSE has continued to impose trading ban on the derivative contracts of Arvind Mills and GMR Infrastructure and included Nagarjuna Fert, IDBI and IFCI as open interest positions have crossed 95 per cent of the market-wide position limit.

However, the ban was lifted on Tata Teleservices (Maharashtra) and Bongaigaon Refineries as they shed open positions.

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