Indian equity markets remained range-bound on Friday, with the Nifty 50 index little changed at 8,897. Nifty futures saw unwinding of positions with its open interest falling 2.6 percent.
The Nifty Bank index also retreated marginally with its futures open interest falling 4.4 percent on a net basis. Foreign institutional investors (FII) sold index futures worth Rs 1,338 crore on a net basis.
The India Volatility Index (VIX) remained flat at 13.35 to reflect no substantial movement in option premiums. The 8,800 put and 8,900 call saw the most accumulation in open interest, whereas the 9,000 put saw the most unwinding in positions.
Maximum open interest remained with the 9,000 call and the 8,800 put to indicate a near-term range for the Nifty.
The FIIs bought 11,517 index put contracts and unwound 958 index call contracts on a net basis. Ordinarily, large addition of index puts and unwinding of index calls reflects traders are turning bearish.
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