Turnover at record high

DERIVATIVES REPORT

The derivative segment on the National Stock Exchange (NSE) witnessed hectic actions on Tuesday as cash markets swinged in a wide range.

The turnover on NSE's futures and option segment touched a record Rs 15,656 crore, compared to Rs 10,249 crore on Monday.

But traders pruned their positions in a number of stocks including Reliance Industries, Satyam Computer, Tisco and State Bank of India.

Meanwhile, Nifty future continued trade at a premium to the underlying spot market. Nifty January future rose 0.07 per cent to settle at 1,879.25 while the NSE S&P CNX Nifty shed 0.80 points to settle at 1,873.25.

While the CNXIT futures rose 2.92 per cent to 24,500. Open interest in Nifty January 2004 futures rose further to 71.12 lakh, from 70.49 lakh on Monday.

In Nifty options, January 1890 calls witnessed hectic action with 1766 contracts traded. Other active calls were in the strikes of 1860 and 1890.

Meanwhile, January 1860 put saw 555 contracts traded. In stock futures and options, Reliance (RIL) January 2004 contracts registered a turnover of Rs 984 crore.

Open interest in RIL January 2004 futures declined by almost 2 lakh shares to 62.98 lakh, from 64.97 lakh on Monday. RIL January 2004 futures (at Rs 564.90) ended at a slight premium to the spot closing of Rs 563.

State Bank of India (SBI) and Tisco January 2004 futures also witnessed a marginal fall in open interest.

Open interest in Tisco declined to 1.22 crore shares, from 1.23 crore shares on Monday. Tisco January futures ended at Rs 435, a premium to its spot closing of Rs 430.35.

While open interest in SBI January futures declined to 70.22 lakh shares, from 70.56 lakh shares on Monday. SBI January futures ended at Rs 535.95, a premium to the spot closing of Rs 529.90.

But open interest in GAIL India rose sharply by 6.41 lakh shares on Tuesday to 71.19 lakh shares. GAIL January 2004 futures (at Rs 260.25) ended at a premium to the spot close of Rs 258.25.