Indian equity benchmarks gained ahead of the Reserve Bank of India's bi-monthly monetary policy review today.
The Nifty 50 index, which gained 1.5 percent Monday, saw short-covering in its October futures with the open interest falling 3.7 percent. The Nifty Bank index, which rose 1.6 percent, also saw a decline of 2 percent in open interest, giving further evidence of short-covering.
Foreign institutional investors or FIIs remained subdued as they sold Rs 159 crore on a net basis.
The India Volatility Index (VIX) fell for the second consecutive day, down 9 percent to 15.62. The Nifty 9,000 call saw a writing of 5.2 lakh shares further cementing it as the call with maximum open interest. The 8,600 put saw an addition of 10 lakh shares and took over as the put with maximum open interest.
FIIs again remained relatively quiet in index options trade. FIIs bought 9,328 index call contracts against buying of 1,791 index put contracts.
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