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C. Raja Rajeshwari

TRADING activity in the derivatives segment of the NSE was active with the turnover higher by 4.28 per cent.

Index futures: As the spot Nifty has been appreciating the whole week, the nifty futures were active. The May future closed at Rs 970.50, gaining 35.85 points as compared with Rs 934.65 of previous week. However, on a week-on-week basis, the open interest declined 17.55 per cent. The May futures quoted at a discount to the spot for most of the week. It closed the week at a discount of Rs 2.60 to the spot.

The June future closed at Rs 970.35, gaining 35.75 points as compared with Rs 934.60 of previous week. On a week-on-week basis, the open interest gained 28.89 per cent. With two weeks to the expiry of the May futures, the June futures have evinced trading interest. It closed the week at a discount of Rs 2.75 to the spot.

Stock futures: Satyam, SBI, Infosys, ITC and HPCL were the most active contracts.

With the announcement of the results of Digital GlobalSoft, the spot had a range-bound week.

# The May future closed at Rs 539 for the week.

# The future was quoting at a marginal discount to spot for the whole week.

# On a week-on-week basis, the open interest declined 32 per cent.

# The build-up in the open interest in the previous week was due to the expectation of the results and on expectation that the company might announce a merger plan with Hewlett Packard.

# The June futures closed at Rs 541, with open interest increasing by 54 per cent.

ACC's spot was trading in a narrow band to close the week at Rs 133.30.

# The future closed the week at Rs 134.80, a premium of Rs 1.5 to the spot.

# The open interest declined 19.23 per cent from last week.

Index options: with the Nifty appreciating for the whole week, the trading interest in the index options was varied.

# The May 960 and 950 were the active in both the calls and the puts.

# The 950 call turned in-the-money mid-week. The call appreciated from Rs 5.70 from last week to close this week at Rs 22.60.

# The 960 put which is still in-the-money, lost ground on the appreciating Nifty. The put premium declined from Rs 30.35 to Rs 6.55 on Friday. The open interest jumped two-fold on Friday alone.

# Among the June contracts the 950-strike, 960-strike and 940-strike were the most active.

Stock options: SBI and HPCL options were very active.

The SBI has been very active with the rally in the banking stocks and also with the anticipation of its results.

# The SBI 300 closed the week at Rs 2.60 (18.20).

# On a week-on-week basis, the open interest increased two-fold.

# The SBI 300 put closed the week at Rs 2.30 (14.15) followed by huge build-up in open interest.

# Build-up in open interest over all strikes was 47 per cent on a week-on-week basis.

Tata steel's spot closed the week at Rs 139.

# The May 140-strike and May 135-stirke were active in both call and puts.

# The may 140 call closed the week at Rs 2.75 from Rs 1.15 of last week. Open interest improved by 25 per cent.

# Among the June contracts, 140-strike and 150-strike calls were active.

Put-Call ratio: The open interest PCR was higher on contracts such as Satyam, BHEL, Bharat Electronics, Polaris and HDFC indicating weakness in the week ahead. Reliance, ONGC, M&M, Cipla and Bajaj Auto closed the week with low PCR's.

If you have any queries relating to the futures/options markets and strategies that can be used in these markets, please mail them to Futures & Options, Kasturi & sons, 859-860, Anna Salai, Chennai 600 002 or email them to vaidy@thehindu.co.in with a mention of futures/options in the subject line of the mail.

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