Indian equity markets paused on Friday as the Nifty 50 index gained 0.2 percent to close above 8,600. Short positions in Nifty's October futures were unwound as it witnessed a decline of 4.2 percent in open interest. The Nifty Bank index which gained 0.5 percent however, saw fresh buying in its October futures seeing an addition of 3.8 percent in open interest. Foreign Institutional Investors (FIIs) unwound their long positions and sold index futures worth Rs 1,380 crores on net basis. The India Volatility Index (VIX) fell 6.9 percent to 17.2.
Maximum open interest in the October index option contracts was in the Nifty 9,000 call and the 8,500 put. The Nifty 9,000 call saw the most amount of writing with an addition of 11.7 lakh shares in open interest. Traders took advantage of higher premium at 8,200 put to write the option which saw an addition of 6.5 lakh shares. FIIs bought 40,641 index put contracts against buying of 8,952 index call contracts on net basis.
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