In Nifty futures, all the three contracts closed at a discount to the underlying. Open interest positions in the Nifty increased by 2 lakh shares.
Stock futures of Satyam Computer, Infosys Technologies, Hindustan Petroleum and Reliance Industries saw considerable activity.
The total volume of the derivatives market was flat at Rs 1,758.44 crore (from Rs 1,880.03 crore on Tuesday) with 81,925 contracts traded.
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Meanwhile, May futures edged up 2.15 points to close at 932.45 while the NSE S&P CNX Nifty settled at 934.40.
June futures rose 1.65 points to 932.95. But July futures shed 4.40 points to 930.40. In Nifty options, the put-call ratio fell to 0.11 from 0.39 on Tuesday.
The top-traded call options were the 940, 930, 950 and 920 strikes.
The top-traded puts were strikes at 930 and 920. The market continues to trade in a range and traders are advised to sell OTM strikes.
In stock futures, Satyam Computer, Infosys Technologies and Reliance Industries were among the top-traded futures. Open interest in most stocks was flat clocking a marginal increase.
In stock options, Satyam Computer, Larsen & Toubro and Infosys were the most active contracts. Out of the month calls of Larsen & Toubro were active with the underlying gaining ground.
With low implied volatilities, and most of the active stocks still at a discount, it looks like the market may stay rangebound. Traders may construct straddles in tech shares with the possibility of sharp move in volatile stocks.