Nifty updates April 2009 - Nifty premium widens

NSE stock Updates - Trade on Indian bourses was extremely choppy on Wednesday, with a steep fall initially on weak cues from global markets and a smart recovery later. The lower levels triggered heavy short covering as well as strong buying in frontline stocks, and even more aggressively in mid and small caps.

National Stock Exchange’s (NSE) 50-share Nifty ended 2.65 per cent higher at 3342.95 from Monday’s close. Intraday, the index touched a high of 3357.05 bouncing off a low of 3149.25. The top gainers were HCL Technologies (11.13%), Nalco (8.71%), GAIL (7.33%) and Unitech (7.07%).

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In futures, Nifty April provisionally ended at a premium of 12 points, expanding from 5 points Monday. The contract price rose 2.89 per cent and open interest added enormous 60.79 lakh shares (provisional). The buy quantity was nearly twice that of sell, which indicates short covering and build up of long positions.

On the options front, unwinding of short positions was observed at Nifty strikes 3300 and 3200 while call buying was seen from 3400-3600 levels. On the other hand, put writing was witnessed at strikes 3300 and 3200. This hints at extended gains near term.

“The rally in late trade reminded me of Mark Mobius’ words that the Bull Run has already started. Now all eyes are on corporate earnings and the parliamentary elections. Any positive development on this front may lead Nifty to 3800 level and any unfavorable development may see some correction in the near term. However, at current levels I don’t expect any heavy correction,” said Kapil Mehta, analyst at Flexion Advisory.

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Among stock futures, Reliance Industries April advanced 3.5 per cent and added 6 lakh shares in open interest. Reliance Infrastructure gained 0.55 per cent and added 3.35 lakh shares in OI. ICICI Bank rose 0.41 per cent and open interest added 10.5 lakh shares. JP Associates surged 9.3 per cent and added 24 lakh shares in OI.

Essar Oil April futures climbed 4.19 per cent while OI shed 1 lakh shares. NTPC soared 7.3 per cent and OI added 30.51 lakh shares. Larsen & Toubro jumped 5.26 per cent and OI added 6 lakh shares. Unitech advanced 8.59 per cent adding 1 crore shares in OI.

Total F&O turnover on NSE was Rs 63,465 crore, up 31 per cent against Rs 48,445 crore on 6/4/09.

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