Indian equity markets consolidated with a positive bias ahead of Wednesday's Reserve Bank of India credit policy meet. The Nifty 50 index gave up its early gains to close marginally higher at 8,143. Its December futures open interest too fell marginally by 0.1 percent.
The Nifty Bank index remained virtually flat without significant change in its December futures open interest. Foreign institutional investors (FIIs) bought index futures worth Rs 216 crores on a net basis.
India Volatility Index declined 1 percent to close at 17.1, indicating a contraction in option premiums owing to consolidation in the Nifty.
The near-term range for the Nifty, indicated by maximum options open interest, remained between 8,300 and 8,000. The highest writing activity was seen in the 8,200 put, which saw an addition of 7.3 lakh shares in open interest. FIIs placed their bets more evenly in index options and bought 6,726 index call contracts against 5,827 index put contracts on a net basis.
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