Major Indian indices continued to consolidate Tuesday. The Nifty 50 index moved within a tight 47-point range. The index declined 0.2 percent with little change in its futures open interest. The Nifty Bank index too remained range-bound but saw unwinding in its futures open interest, which fell 2.5 percent. Foreign institutional investors (FIIs) sold index futures worth Rs 62 crore on a net basis.
The India Volatility Index (VIX) advanced 0.9 percent to close at 13.8 indicating small expansion in option premiums. Maximum open interest remained with the 8,500 put and 9,000 call which broadly indicates near term range for the Nifty. The 8,800 put which added 4.2 lakh shares in open interest saw most writing.
FIIs bought 18,995 index put contracts and 5,071 index call contracts on a net basis reflecting caution in the near term.
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