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India index futures close down on long unwinding
MUMBAI, Aug 14 - Indian benchmark index futures closed down on Thursday, sharply reducing its premium to the spot Nifty, on unwinding of long positions, analysts said.
The near-month benchmark Nifty Index Futures <NIFc1> closed down 2.5 percent at 4437.05 points, a premium of 6.35 points to the spot Nifty <.NSEI>, which closed down 2.17 percent at 4,430.70 points.
Nifty futures closed 21.65 points above the spot on Wednesday.
"There was a lot of profit-booking and not much of positive news, especially on the participatory notes front," said Yogesh Radke, derivatives analyst with Edelweiss Securities.
On Wednesday, market regulator Securities and Exchange Board of India did not take any decision on norms for unwinding of derivative investment instruments or participatory notes used by foreign funds, as was expected.
During the better part of the day Nifty futures traded at a very low premium to the spot before slightly widening it before close, another analyst said.
Traders were now shifting from futures to long-dated options as they were unable to take a view on the markets in the near or short term, Radke said.
"Its a tug of war between the bulls and the bears."
Financial markets are closed on Friday on account of India's Independence day.
TOP FIVE CONTRACTS BASED ON OPEN INTEREST ---------------------------------------------------------------- - COMPANY NAME RICS OPEN INT
Reliance Petroleum Ltd <RPETnsc1> 52717275
Ispat Industries Ltd <ISPTnsc1> 43081150
IFCI Ltd <IFCInsc1> 40637160
Rel. Nat. Resources Ltd. <RENRnsc1> 34447608
NTPC Ltd <NTPCnsc1> 32708000 ---------------------------------------------------------------- - ---------------------------------------------------------------
TOP PERCENTAGE INCREASE IN OPEN INTEREST ---------------------------------------------------------------- - COMPANY NAME RICS %AGE CHG
NIF JUNIOR AUG08 <CNJc1> 33.33%
Triveni Engineering
& Industries Ltd <TREInsc1> 19.79%
Indian Bank <INBAnsc1> 18.93%
Polaris Software Lab Ltd <POLSnsc1> 14.00%
Balrampur Chini Mills Ltd <BACHnsc1> 12.71% ---------------------------------------------------------------- - ----------------------------------------------------------------
TOP PERCENTAGE DECREASE IN OPEN INTEREST ---------------------------------------------------------------- - COMPANY RICS %AGE CHG
Jammu & Kashmir Bank Ltd <JKBKnsc1> 20.69%
Infosys Technologies Ltd <INFYnsc1> 14.31%
Alstom Projects India Ltd <ABBPnsc1> 13.28%
Ansal Prop & Infra Ltd <ANSPnsc1> 11.80%
Corporation Bank <CRBKnsc1> 10.92% ---------------------------------------------------------------- - ---------------------------------------------------------------- -
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