Nifty Holds On To 8700-Mark As Trading Turns Earnings-Specific
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Indian equities continued to consolidate, as traders remained reluctant to rollover positions amid a slew of corporate earnings announcements this week.
The Nifty 50 index on Monday, gained 0.2 percent to close just above the 8,700-mark. Its futures across all active contracts added 1.6 percent, indicating build-up of fresh long positions. Traders so far have rolled over 27 percent of their positions onto the next month, which is lower than the previous three-month average of 31 percent with three more trading sessions left to go for the expiration of October contracts. The Nifty Bank index gained only 0.5 percent but its futures saw higher amount of addition in open interest of 6 percent.
Foreign institutional investors (FII) bought index futures worth Rs 155 crore on a net basis. The India Volatility Index (or VIX) gained 3.6 percent to close at 14.33. The Nifty 8,750 call saw an addition of 4.5 lakh shares whereas the 8,700 put saw writing of 5.4 lakh shares. The maximum open interest remains with the 9,000 call and 8,600 put. FIIs bought 12,038 index call contracts against 1,518 index put contracts on net basis.
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