The Hindu Business Line : Fresh long positions seen in Reliance, ICICI Bank, SBI

Chennai, March 5 Trading volumes dipped further in the F&O segment on the NSE on Wednesday due to a trading holiday on Thursday (Maha Sivaratri) and on indecisive market conditions. Turnover stood at Rs 33,581 crore – the lowest since February 18 – against Tuesday’s turnover of Rs 40,644.5 crore.

The Nifty March future closed at a reduced discount of 20 points at 4904.1 against the spot close of 4921.4. The discount narrowed down due to squaring-off short positions. The discount was about 60 couple of days back.

However, the discount for Nifty April and May futures with respect to spot close was still stepper, suggesting a negative bias in the medium term.

Among the options, Nifty 4800-put, Nifty 4900-put and Nifty 5000-call were active. This indicates a narrow movement for the Nifty.

Stock futures

Reliance Industries was the most active among individual stock futures. It was followed by Reliance Energy, Reliance Capital, ICICI Bank, SBI, Reliance Petroleum, Essar Oil, SAIL and Tata Steel. Among them, futures of Reliance, ICICI Bank and SBI closed above their spot prices, indicating short covering.

The future of Reliance Energy, which announced a buyback price of Rs 1,600 a share, slipped 1.55 per cent to Rs 1,457.8 against the spot close of Rs 1,459.8.

FIIs were net buyers to the tune of Rs 604.35 crore in the F&O segment on Wednesday.

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