Major Indian equities gained for the third straight day, with the Nifty 50 index reclaiming the 8,400-mark. The index gained 0.4 percent but its January futures saw an addition of 6.7 percent in open interest (OI) indicating build-up of fresh long positions. The Nifty Bank Index, which also gained 0.3 percent, saw fresh buying as its futures OI moved up 2.9 percent. Foreign institutional investors bought index futures worth Rs 1,052 crore on a net basis.
The India Volatility Index declined 1.3 percent to close at 14.6, indicating some contraction in option premiums as more writing was seen in index puts. The 8,300 and 8,200 puts saw most amount of writing indicating a base formation at those levels. Maximum open interest moved to the 8,500 call and remained with the 8,000 put, which broadly indicated a near-term range for the Nifty.
Active Stock Futures
- NHPC, share price up 6 percent, January futures OI up 24 percent, indicate fresh long positions
- Tata Communications, share price up 6 percent, January futures OI up 15.5 percent, indicate fresh long positions
- NTPC, share price up 5.8 percent, January futures OI up 16.2 percent, indicate fresh long positions
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