The first trading day of 2017 turned out to be a quiet one, with lack of participation from traders and investors reflecting in lower than average turnovers. The Nifty 50 index closed flat with little change in its futures open interest. The Nifty bank declined 0.9 percent but its January futures added 11.5 percent in open interest, indicating accumulation of short positions. Foreign institutional investors (FIIs) sold index futures worth Rs 461 crores on a net basis. FIIs unwound 4,222 long positions and added 2,720 short in index futures contracts on a net basis.
The India Volatility Index (or VIX) gained 2.4 percent to close at 15.83 indicating expansion in option premiums. Maximum open interest continued to remain with the 8,200 call and 8,000 put broadly indicating a near-term range for the Nifty. FIIs bought 26,685 index put contracts and 1,577 index call contracts showing a near-term bearish sentiment building up.
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