Derivatives outstandings on the National Stock Exchange (NSE) now accounts for 79 per cent of the total volume of the spot market.
The outstandings based on the open interest positions in futures and options aggregate at Rs 1,776 crore on Friday 15, 2002, compared to spot markets turnover of Rs 2,251 crore recorded on the NSE same day.
The derivatives outstandings reveal that operators are bullish about the future course of the markets.
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The open interest position indicate this more prominently with outstandings in call options aggregating at Rs 561 crore compared to put options aggregate at Rs 190 crore. The speculative tilt is more toward the call options in stocks. The call options in stocks accounts for 90 per cent at Rs 501 crore compared with than call option in index at Rs 60 crore.
The bullish fervour following action on PSU divestment has increased operator interest in stock futures.
The outstandings in stocks futures aggregated at Rs 831 crore compared with an outstandings of Rs 195 crore in index futures.
The aggregate outstandings in futures crossed the Rs 1,000 crore mark at Rs 1,026 crore, a jump of 50 per cent over the total outstanding of Rs 682 crore reported on January 23, 2002.
Outstanding data on stock futures and options reveals an interest trend. The outstanding in 31 stocks traded under derivatives has been higher than the single day trading volume of these stocks on the spot market.
(Outstanding volume and value of stock derivatives compared with their spot market volume and value as on February 15, 2002). The outstandings for 31 stocks aggregated at Rs 1,496 crore (978.23 lakh shares) while the total value of these stocks at spot market was aggregated at Rs 1,475 crore (626.59 lakh shares) as on February 15, 2002.
The outstandings value of as many as 17 stock derivatives has been higher compared with their spot market turnover.
The outstanding of Tata Tea is 6.6 times higher than its daily volume at the NSE. Reliance Petroleum 4.46 times, Sterlite Optical 3.43 times, Tata Power 3.37 times and Telco and Grasim 2.9 times each.
Satyam Computer continued to be the highest trade stock in the derivatives. Satyam's outstandings aggregated at Rs 306 crore (103.60 lakh shares) accounting for 17.3 per cent of the total.
Reliance Industries stands second with outstandings of Rs 163 crore (51.67 lakh shares) and Infosys Technologies is third with outstanding at Rs 152 crore (3.97 lakh shares).
Reliance Petroleum is forth with Rs 136 crore (493.63 crore shares) followed by Telco with an outstanding of Rs 98 crore (70.79 lakh shares).