Positive global cues and on-expected IIP figures failed to support Indian equities Tuesday. Key indices opened sharply higher but were unable to sustain the levels and ended a volatile session marginally in the negative territory.
Nifty February futures ended at 4795.35, discount of 43 points to the Nifty which closed at 4838.25.
"The initial positive trade was due to covering of short positions," said Siddharth Bhamre analyst at Angel Broking.
The near month future touched a high of 4928 and low of 4772.65 intraday, a band of around 155 points. The contract saw an increase in open interest by 6.65 per cent with the total turnover at Rs 14,505.98 crore.
In stocks futures, the highest turnover was seen in Reliance Natural Resources (Rs 2080.81 crore), Reliance Capital (Rs 1787.52 crores), Reliance Energy (Rs 1712.46 crores) and Reliance Industries (Rs 1556.09 crores).
Highest number of contracts were traded in Reliance Power, Reliance Industries, Reliance Natural Resources and Reliance Communications.
New entrant, Reliance Power February contract closed near the spot price of Rs 354.45.
“As crude oil is trading higher at $93 per barrel, the oil exploration companies can see some positive movement,” Bhamre said.
On the economy front, Index of Industrial Production grew at 7.6 per cent in December 2007 as against 13.4 per cent for the same month in 2006. Cumulative growth for the April-December period was 9 per cent compared with 11.2 per cent in the corresponding period of the previous year.
The numbers were broadly in-line with expectations, with the month on month performance after seasonal adjustment being fairly good
Source : http://economictimes.indiatimes.com
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