Indian equities continued their fightback on Wednesday with the NSE Nifty 50 index reclaiming the 8,200-mark. Rising little over 1 percent, the index's December futures added 3.4 percent in open interest, signalling fresh buying.
The Nifty Bank index also gained 2 percent but a decline of 11 percent in its futures open interest, indicated short covering. Foreign institutional investors (FIIs) bought index futures worth Rs 659 crore on a net basis. FIIs added 7,690 long positions and unwound 2,974 short positions in index futures on Wednesday.
The India Volatility Index (VIX) declined by 4.8 percent to close at 16.85 owing to contraction in option premiums.
Majority of the writing took place in the 8,400 call which added 3.6 lakh shares and the 8,100 put which added 4.3 lakh shares in open interest. Maximum open interest, which indicates a near term range for the Nifty, remained with the 8,300 call and the 8,000 put. FIIs bought 11,243 index calls against buying of 7,202 index puts on a net basis.
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