IOC, IFCI, IDFC accumulate fresh long positions
Mumbai   01-Jul-2010

Turnover remained healthy at Rs 80,424 crore in the F&O segment on Wednesday. The Nifty futures closed at 5316.25 but saw its premium reduced to just four points against the Nifty spot, which closed at 5312.5. Option trading suggests positive bias for Nifty as the 5300 call shed 3.23 lakh shares or 6.8 per cent. The sharp accumulation in 5200 and 5300 puts indicates strong support for Nifty.

Stock futures

Oil and gas sector companies remained in focus. Besides them, financial firms IFCI and IDFC also hogged the limelight. Among OMCs, Indian Oil futures, which gained 2.33 per cent to close at Rs 406.35 against the spot price of Rs 401.55, added 8.28 per cent or 6.1 lakh shares in open interest.

HPCL futures surged seven per cent at Rs 470.55 against the spot price of Rs 469.8 and added 13.48 lakh shars or 15.74 per cent.

IFCI futures closed at Rs 57.4 with respect to the spot price of Rs 57.15 - a gain of 7 per cent - also added 99.08 lakh shares or 11.5 per cent in open position.

Similarly, IDFC futures jumped five per cent to close at Rs 180.5 over the spot close of Rs 179.95 added 23.9 lakh shares or 17.8 per cent.

The un-matched order book on the NSE for all these counters indicates addition of long position.

Reliance Industries also created fresh longs. The futures closed at Rs 1,093.25 against the spot close of Rs 1,089.15 and added 7.12 lakh shares or six per cent in open interest.

Dish TV also added fresh long positions.

However, ICICI Bank, Aban Offshore and Zee Entertainment witnessed unwinding of long positions.

Contracts on Sterling Biotech, Orbit Corporation and United Phosphorus added fresh short positions.

FII activity

Foreign institutional investors remained net buyers to the tune of Rs 364.34 crore. But they were net sellers in stock futures by Rs 276.93.crore and remained buyers in index options by Rs 540.02 crore.