India Stock Volatility Close to 2016-lows as Nifty Enters Consolidation Mode
A measure of protection against stock-market swings in India lingered close to year-to-date lows after the Reserve Bank of India (RBI) chose to hold rates on Tuesday.
The India NSE Volatility Index declined 0.3 percent to 14.53, while the benchmark NSE Nifty closed below 8,680, snapping a 3-day winning streak. India VIX registered a 2016 low of 14.35 last Friday.
Ordinarily, a low India VIX value suggests that market participants expect a minimal change on the Nifty in the near term.
Time for Consolidation
The 50-share benchmark continued to consolidate between levels of 8,600 and 8,750 for the twelfth straight session. There was little action in Nifty futures with August futures open interest (OI) dipping marginally. While the Nifty Bank closed almost flat, its respective August futures saw an addition of 6.3 percent in OI building on existing short positions.
Subdued FII Activity in Index Derivatives
Foreign Institutional Investors (FII) were net buyers to the tune of Rs 156 crore in index futures. FIIs placed their bets evenly in index futures, partially inclining towards long positions. They continued to hedge their long positions by remaining bearish in index options. They took net long positions in 17,117 contracts in index puts against net longs positions in 5,592 contracts in index calls.
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