Indian equity markets retreated on Tuesday, with the Nifty 50 index declining 0.8 percent to close at 8,561. Its February futures open interest (OI) dropped by 2.5 percent to indicate unwinding of long positions.
The Nifty Bank also declined by 0.3 percent with its futures OI falling by 5.6 percent thereby also witnessing long unwinding. Foreign institutional investors sold index futures worth Rs 320 crores on a net basis.
The India Volatility Index (VIX) gained 0.9 percent to close at 16.82 indicating slight expansion in option premiums. Most writing was witnessed in the 8,400 put and 9,000 call which also have the maximum open interest broadly indicating a near term range for the Nifty.
FIIs bought 59, 046 index put contracts and unwound 7,737 index call contracts on a net basis on Tuesday.
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