Though the domestic equity indices shaved off their day?s gain partially at the fag end of the trading sessions, the rollover in the derivative segments from November series to December series was better than previous rollovers.
The marketwide rollover stood at nearly 83% while the rollover in Nifty futures was around 75.17% and 75% in individual stock futures.
Yogesh Radke, derivative analyst, Edelweiss Capital, said, ?We had seen better-than-average market wide rollover this time however with lower roll cost. This indicates that the investors who have aggressively rolled their long position do not expect much upside in the month of December. Overall, we feel that the market would be range bound in the coming month with more negative bias.?
Nifty December futures closed the day at 5,674.05 commanding a premium of 39.45 points to the spot Nifty?s close of 5,634.60 points.
?The premium in Nifty December futures is mainly on account of heavy selling in the cash market in the index constituents at the fag end of the trading sessions that brought the Spot Nifty downwards,? says Radke.
Heavy selling in index constituents towards the end resulted in 30-share Sensex of the Bombay Stock Exchange (BSE) losing its intra-day gain of 358 points, to close the day at 19,003.26 points marginally higher by 64.39 or 0.34%. On the other hand, the broader Nifty closed the day at 5,634.60 points, up marginally by 0.30% or 17.05 points.
Meanwhile on Thursday, 52% of the market-wide position limit in Reliance Petroleum Ltd (RPL) was squared off, while 48% of the open interest (OI) position has been rolled to the December series.