Volumes in the derivatives segment on the NSE was to the tune of Rs 12,138 crore with stock index futures topping the charts at Rs 6,553 crore. |
Trading in the derivatives segment on the NSE was delayed and started only at 11:15 in the morning. The delay was attributed to a technical snag though there were talks about problems with margins forcing brokers to cut positions. There were also rumours of pay-in problems though these could not be substantiated. |
Apart from the Nifty the other most active futures contracts on the NSE were those of Tisco, Tata Motors, Reliance Industries and State Bank. |
On Tuesday, foreign institutional investors had sold in the derivatives segment to the tune of Rs 322 crore. |
Dealers said that they had shorted the Nifty futures to the tune of Rs 220 crore. |
Though more than 50 per cent of the positions have been rolled over to the May series, dealers said that a significant quantum of open interest was still remaining. With just one day more for the current series to expire, markets are expected to be weak on the morrow as well. |
"More unwinding will be seen," dealers said. Previous months' settlements have seen higher rollover in the range of around 60 to 65 per cent. |
However the Nifty May series saw its open interest rise by more than 50 per cent. |
The low rollover ratio is being attributed to the delay before trading could commence while most people are preferring to unwind their positions rather than rollover their positions. |
Nifty futures were in line with the spot Nifty. End of the day figures showed that the implied volatility in Nifty puts were at 30 per cent, while the volatility in the case of calls was at around 23 per cent. There was an addition of three lakh shares in the open interest position of the Nifty futures. |
Among the individual stock counters roll-over has been fairly high. State Bank for instance saw a roll-over of 65 per cent, Tata Steel 60 per cent, ONGC 50 per cent, GAIL 50 per cent and Infosys 55 per cent among others. |
Some stocks saw their open interest increasing. Indian Oil saw its open interest increasing by six lakh shares up by 170 per cent, HLL by eight lakh shares and Tata Motors by five lakh shares. |