Dec 11, 2008, 06.41 PM | Source: CNBC-TV18
RNRL has seen surge in the cost of carry and 78 lakh shares build up after a long-long time so thatís a huge open interest build-up on this counter.
Turnover wasnít too bad in comparison of what we have been seeing; it clocked in nearly Rs 40,000 odd crore. Nifty futures had gone into a marginal bit of premium only at earlier part of the day so there was some bit of unwinding over the positions being built up. But we saw that surge we saw in the last half an hour or one hour of trade which is why on last traded price basis you are seeing 20-24 odd point premium. Will not be the say case in the closing basis but definitely some bit of long build up would have gone into trade tomorrow and some addition was seen you can see in the last hour of trade; about 7-8% open interest (OI) build up not majorly significant but it was good.
Stock specific action
All about the Reliance pack today so even in the futures and option space all the build-up was on RNRL, RPL, Reliance Comm, RIL.
Starting with RNRL; it has seen surge in the cost of carry there and 78 lakh shares after a long-long time so thatís a huge open interest build-up on this counter.
RPL also seen at about 9-10% open interest build-up and surge in the cost of carry. Both these trading stocks took the limelight.
Reliance Industries on an intra-day charts surged in the last one hour of trade, good 6-7% open interest build-up. Finally we see a pretty huge premium on an LTP (Last Traded Price) basis on that stock and a smart rally there on closing basis.
Mercator Lines, of course, the stock was in focus over the past few trading sessions, today driven up by fair bit of short covering. Nearly 32% rally on that stock, shedding about 3.4 lakh shares and surging into Rs 1.2 premium on Rs 36 stock is huge but thatís on LTP basis.
But however some stocks like SAIL that have rallied a fair bit have come in for a bit of an unwinding in that position. Even JP Associates rallied 10% today but there was some unwinding in positions which have been build-up over the past few trading sessions.