Major equity indices in India closed flat with a positive bias on Tuesday. The Nifty 50 index gained around 0.2 percent with its futures adding little over 2 percent in open interest. The Nifty Bank Index, which also gained 0.2 percent, saw considerable unwinding of positions indicated by fall of over 9 percent in its January futures open interest. Foreign institutional investor activity was subdued with index futures worth Rs 42 crores sold on a net basis.
The India Volatility Index (VIX) gained 0.8 percent to close at 15.95 signalling little change in option premiums. Most writing was seen in the 8,300 call, which added 2.6 lakh shares and the 8,200 put, which saw an addition of 2.8 lakh shares in open interest. Maximum open interest remains with the 8,000 put and 8,200 call, which broadly represents a near-term range for the Nifty. FIIs bought 13,028 index calls and 18,618 index puts on a net basis.
The largest accumulation in stock futures was seen in Sun TV where the its share price rose by over 4 percent and its futures added 14 percent in open interest showing fresh buying. Indraprastha Gas, which gained which gained over 3 percent, also added 14 percent in its January open interest indicating fresh long positions building.
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