The NSE's Nifty 50 index rallied along with its global peers on Thursday, gaining nearly 1.8 percent to close at 8,247. The open interest in its December futures too rose by 6.5 percent, indicating fresh buying.
The Nifty Bank index too gained 1.5 percent with its futures open interest falling by 13.4 percent witnessing short covering. Foreign Institutional Investors bought index futures worth Rs 1,440 crores on net basis.
India Volatility Index (VIX) further retreated 7.3 percent to close at 15.5 percent indicating contraction in option prices following gains in major indices. Higher amount of writing was witnessed in in the 8,200 put showing a base formation in higher levels.
Maximum open interest remained with 8,300 call and the 8,000 put indicating a near term range for the Nifty.
FIIs bought 16,623 index calls against 2,125 index puts on a net basis, which showed a mildly negative sentiment had turned positive.
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