Financial Daily from THE HINDU group of publications
Sunday, Jul 07, 2002
Markets - Derivatives Markets
Equities perk up; Sensex gains 86 points
THE preceding week witnessed a moderate rise in equities. Consequently, the BSE Sensex gained 86 points (2.65 per cent) during the preceding week to close at 3,331 points on July 5, 2002.
The rise in the Sensex may have been moderate, but the rise in lower profile equities was impressive. Technical indicators such the ratio of advances to declines and new highs to new lows suggest that the underlying strength in the spot market is noteworthy.
In the preceding week, spot market prices of manufacturing companies and a couple of pharmaceutical companies registered significant buying interest, and the ripples were felt in the derivatives market. What follows is a look at select stocks in the single stock futures session.
Single Stock Futures: The most actively traded contracts in the preceding week were the ones that end on July 25. Generally, the contracts that terminate the earliest are the ones that are most actively traded. To illustrate, the contracts that terminate in July are likely to be the most frequently traded ones in July. Subsequently, in August, the August contracts are likely to most frequently traded.
In the preceding week, Tata Engineering, Tata Steel and Ranbaxy's July contracts registered a marked increase in trading last week.
Tata Engineering's July contracts recorded a volume of 9,114 contracts last week as against an aggregate volume of July contracts in the week before that.
Tata Steel's July contracts notched a volume of 11,059 contracts. In the preceding week, the stock recorded a volume of 8,288 contracts.
Ranbaxy's July contracts recorded a volume of 2,004 in the preceding week, outstripping the volume of 1,576 contracts in the week before that.
Among the most popular contracts in the preceding week was Satyam Computers' July contracts. The stock has been the most popular contract in the futures market and the trend continued last week. Satyam's volume in the last week was 27,500 contracts, significantly higher than the preceding week's volume of 14,670 contracts.
Infosys Technologies' July contracts registered a volume of 16,333 contracts in the week ended July 5, 2002. The volume in the preceding week was 10,027 contracts.
Index Futures: The index futures volume was largely concentrated in the July contracts, a feature similar to the single stock futures contract. The volume in Nifty July contracts was 16,633 contracts last week. In the week before that, Nifty July contracts notched a volume of 11,045 contracts.
Nifty August contracts witnessed thin trading in the previous week. The preceding week's August contracts registered a volume of 410 contracts.
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