The series for the mini-derivatives contracts proposed by the Securities and Exchange Board of India (Sebi) on December 27 made its debut on the major stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on January 1. The response, however, was rather lukewarm with trades worth Rs 65.1913 crore reported on the NSE and Rs 116.18 crore on the BSE.
The announcement of the mini-derivatives product is seen as a first step from the Sebi to move markets onshore and encourage retail participation in the derivatives markets and provide a method of hedging to small investors. Experts believe that the mini-derivatives contract will soon catch atttention as investors can use this as a an arbirtrage tool to minimise portfolio risk.
Overall, the January series for the MINIFTY (mini nifty) futures (of NSE) with a lot size of 20 was trading at 6,158.80 points, a premium of 14 points with respect to its spot price of 6,144.35 points. However, it touched a high of 6,178.95 points and a low of 6052 points. In all 5,320 contracts were traded worth Rs 65.19 crore.
The Sensex mini future (of BSE) with a lot size of 5, was trading at 20,462 points, a premium of 161.29 points with respect to its spot price of 20,300.71 points and touched a high of 20,510 points and a low of 20,340 points.