Turnover slips

DERIVATIVES REPORT

Select stock futures traded at a slight premium even as the traded volumes on the National Stock Exchange's derivative segment declined on Tuesday.

The total turnover on NSE's derivative segment declined to Rs 12,105 crore on Tuesday from Rs 13,203.47 crore on Monday. Tisco, Tata Motors, Maruti and Reliance Industries were the most active futures contracts traded.

Nifty February 2004 futures ended at a slight premium to the spot at 1,924 compared with spot Nifty closing at 1,920.10.

In the cash market, Nifty rose slightly by 6.55 points or 0.34 per cent today to 1,920.10. The open interest in Nifty February 2004 futures at the end of trading was 78.17 lakh.

Nifty February 2004 futures remained the most active contract, accounting for more than one fourth of the total turnover on the derivative segment.

The total turnover on Nifty February 2004 futures stood at Rs 3,196 crore. Implied volatility fell to 23 per cent in call options and to 24 per cent in put options.

In individual stock futures, select February 2004 futures contracts traded at a premium to their spot prices.

However, premium was thin. Reliance Industries (RIL) February 2004 futures ended at Rs 600.80 compared with spot closing of Rs 597.50. Open interest in RIL February futures at end of Tuesday's trading was 71.85 lakh shares.

Maruti Udyog (MUL) February 2004 futures ended at Rs 512 compared with its spot closing of Rs 509.70. Open interest in MUL February 2004 futures was 35.36 lakh shares.

Elsewhere, Tata Power added five lakh shares in open positions. On Monday, the stock had added around 8.9 lakh shares in open interest.

Dr Reddy's and Bajaj Auto added around 10 per cent each in open interest. GAIL witnessed roll-over of around 1.5 lakh shares to the March series.

Hindustan Lever saw positions being built-up in the current month series as well as the next month series of around five lakh shares. But Gujarat Ambuja and MTNL saw a fall in open interest.