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Nifty futures is quoting 65 points higher on the Singapore stock exchange at 5655 after the Government announced a raft of reform measures after market hours. These market-friendly announcements such as allowing foreign direct investments in multi-brand retail, aviation, power exchange, disinvestment in four public sector undertakings and expectations of much more reform-centered activities pushed traders to take a long position. Open interests of Nifty September futures on the NSE jumped 14.58 lakh shares on Friday. The Nifty November futures quoting at 5639, a good 61-point premium over the spot price, signalling that traders are much more confidence now in Indian markets. Call options witnessed unwinding of open interest positions even as put options added more. Another factor signalling positive bias is the volatility index, which is ruling near two-year level of 15.37.
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