Financial Daily from THE HINDU group of publications
Sunday, Sep 15, 2002
Financial Daily from THE HINDU group of publications Sunday, Sep 15, 2002 |
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Investment World
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Derivatives Markets Markets - Derivatives Markets Markets end the week on subdued note Sanjiv Shankaran
EQUITIES ended the week on a weak note on the heels of signs that the Government's resolve on disinvestment has begun to weaken, and increased likelihood of political turmoil in West Asia. The BSE Sensitive index ended the week at 3,098.94 points, a loss of about 42 points (1.33 per cent) in relation to the previous week's close. Among the stocks that have lost ground in the recent past, the state-owned oil sector stocks, Bharat Petroleum and Hindustan Petroleum, attracted most attention. There has been a large magnitude of interest in the stocks in the backdrop of the proposed disinvestment programme, and the trend in the spot market price spilled over into the derivatives markets. <>Options: >The dip in the spot market prices drove most of the actively traded call option contracts out-of-money. Satyam's September call option contract at a strike price of 240 was the most popular one in the options market last week. The contract ended the week out-of-money, and during the course of the week, notched a volume of 3,126 contracts. Bharat Petroleum's September call option contract at a strike price of 220 was among the more actively traded contracts last week. The contract ended the week out-of-money. Around 1,697 contracts were exchanged last week. Hindustan Petroleum's September call at a strike price of 220 shared the fate of Bharat Petro. The contract ended the week out-of-money. The volume in the same was 1,684 contracts. Among put option contracts, Satyam's September contract at a strike price of 230 was the most actively traded contract last week. The contract was out-of-money at the end of the week. Satyam 230 generated a volume of 1,702 contract during the course of the previous week. Bharat Petroleum's September put option contract at a strike price of 240 was among the more popular put option contracts traded last week. The contract finished the week in-the-money. The accompanying turnover was 408 contracts. <>Futures: >The futures market followed a predictable pattern. Satyam's near-month contracts were the most actively traded ones last week. That has been the case in almost all the preceding weeks since the inception of the futures trading segment. Satyam's September contracts registered an aggregate volume of 27,000 contracts last week. Satyam's September contracts were followed by Reliance and Hindustan Petroleum's September contracts in the volume chart. Reliance's September contract recorded a volume of 16,705 contracts, while Hindustan Petroleum's September contract notched a volume of 15,072 contracts. As expected, Bharat Petroleum's September contracts generated a fair bit of interest in the backdrop of the confusion surrounding the disinvestment in the company. Volume in the stock was 14,644 contracts last week.
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