Nifty rollovers into Feb a tad better than last month
At 64.4%, the Nifty roll-overs into February were tad higher than previous month, but slightly below its three-month average of 66%. The February future maintained a robust premium of about 64 points over the spot Nifty, supporting the street expectations that the February series may see a range-bound movement in the initial period with an upward bias. Notably, the Nifty has moved in a tight range in the last two weeks even after touching new two-year highs in the period.
While Nifty constituents like Axis bank, Maruti Suzuki, Sesa Goa, and Sun Pharma witnessed healthy roll-overs or more than 80%, many bluechips like Bajaj Auto, Bank of Baroda, Bharti Airtel, Tata Motors, Mahindra & Mahindra, ITC all saw 65% to 75% of futures positions being turned into February and March series.The Banknifty observed 67% of roll-overs; Bank of India, Dena bank, Federal Bank, IDBI Bank and Punjab National Bank all observed strong roll-overs ranging from 80% to 86%.
Strong long-rollovers were also observed in some of the stocks from oil & gas industry, including BPCL, HPCL, Cairn India even as IT stocks including HCL tech, Infosys and TCS experienced muted roll-overs of about 56% to 70%. Some of the
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