Traders Gear Up For Second Quarter Earnings Even As Nifty Consolidates
Indian equity markets continued to consolidate on Friday, with the Nifty 50 index gaining 0.1 percent. Positions in its October futures were unwound as open interest fell by 2.8 percent.
The Nifty Bank index too remained quiet, gaining 0.4 percent with its futures seeing an unwinding of 2 percent in open interest. Foreign institutional investors (FII) activity was subdued with buying of only Rs 64 crore on net basis.
The India Volatility index (VIX) contracted by 3.5 percent to 14.9 as the session remained range bound. Maximum open interest continued to remain in the 9,000 call and 8,500 put. The 8,800 call saw the most writing as its open interest added over 8.6 lakh shares.
FIIs added 29,553 index puts for an addition of 4,791 index calls in open interest on net basis.
Tata Consultancy Services saw substantial short covering as its shares gained over 2 percent but its October open interest declined by 8.3 percent. Ultratech Cement, which will announce its second quarter earnings today, saw fresh long positions with an increase of nearly 11 percent in open interest.
Reliance Industries, which will announce earnings later this week, also saw short covering as it gained 1.7 percent but its futures open interest fell by 2.9 percent.
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