Financial Daily from THE HINDU group of publications
Sunday, Jan 19, 2003
Financial Daily from THE HINDU group of publications Sunday, Jan 19, 2003 |
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Investment World
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Derivatives Markets Markets - Derivatives Markets Dreary bout K.S. Badrinarayanan
THE spot market was lacklustre during last week, confining to a narrow range, following a couple of lower-than-expected financial performances from corporate majors such as ACC and Wipro. Despite suffering immediately at the stock exchanges after the announcement of third quarter results, Infosys Technologies recovered a part of its losses during the week gone by. Futures: Nifty, Satyam Computer, Infosys and Reliance (all January month) were the most actively traded contracts on the National Stock Exchange (NSE). Apart from the above, HPCL, Digital GlobalSoft and State Bank of India (SBI) also attracted market attention. Stock Options: Calls: Among the call options, Satyam Computer, Reliance and Infosys were the most actively traded contracts. Counters such as HPCL, SBI and Tata Engg also dominated the scene last week. Satyam's January 280 contract was the most actively traded contract. The option closed the week lower at Rs 3.20 against the previous week's close of Rs 5. The contract closed the week in out-of-the-money (OTM) while the open interest is 24.84 lakh options. The underlying equity closed the week at Rs 264.30 on the NSE. Satyam contracts may see heightened action next week, as the company is scheduled to declare its 3rd quarter results on January 21. The market lot is 1200 options per contract. SBI's Janaury 300-strike closed the week higher at Rs 4.90 (Rs 4). The stock has been attracting interest in the spot market ever since the passage of Securitisation Bill in Parliament. The call closed the week out-of-the money (OTM) with the open interest standing at 13.81 lakh options. The market lot is 1000 options per contract. At the cash market, the SBI stock closed at Rs 293.25. Infosys's 4800-strike also lost value and closed at Rs 36.10 (Rs 58) while the open interest declined to 1.06 lakh options. The contract closed the week as OTM while the underlying stock closed at Rs 4602. The market lot is 100 options per contract. Puts: Satyam and Infosys (both January contracts) attracted maximum attention among put options. Satyam's 270-strike option was the most actively traded contract. The puts closed the week down at Rs 9.50 (Rs 13). While the open interest is 7.50 lakh options, the 270-strike closed the week as ITM. The 4800-strike was the most actively traded contract among Infosys series. The option also closed the week at Rs 219 (Rs 364) and the open interest stands at 14,700 options. The put option closed the week as ITM. Index options: Nifty's 1100 call option and 1090 put option (both January) were among the most actively traded. Nifty 1100-call closed the week flat at Rs 6 and as ITM Open interest stood at 3.20 lakh options. The 1090-put closed the week down at Rs 12.80 (Rs 18) and as ITM. Open interest stood at 13 lakh options. The market lot for Nifty is 200 options per contract. The Nifty closed the week at Rs 1,086.50.
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