Derivatives Make Smart Gains

Derivatives markets at both the exchanges finished the day with smart gains as the tension between India and Pakistan eased further, market sources said. The Nifty futures finished higher with both the June and July contracts ending at a substantial premium. There was a marginal rise in volumes in the near month and July contracts while volumes in the August futures inched up marginally.

Nifty June futures gained 26.95 points at 1,074 as against S&P CNX Nifty's increase of 21.10 points at 1,069.90 points. The volume and open interest in the near month contract that is June futures was registered at 5,231 and 4,377 contracts, respectively. Nifty July futures moved up 25.65 points at 1,077 amid a volume of 198 contracts and open interest of 460 contracts. Nifty August futures continued to be laggards in terms of volumes and open interest of 20 and 74 contracts, respectively, with the far month future contract gaining 25 points at 1,079.

Among index options, the Nifty June put at 1,060 with 218 contracts was the top traded index option. Other puts in the top list were the June put at 1,040 and 1,050. Calls that generated interest were the June call at 1,060 and 1,080.

On the BSE, June Sensex futures ended higher at 3,376.30 points against a 82.93 points rise at 3,362.42 in the Sensex. The volume was 1,600 contracts and open interest was 350 contracts. Open interest in the June futures rose. Only the near month contract was traded. The futures closed at a discount to the underlying.

Among the individual stock derivatives, Satyam Computer continued to be the counter in demand among stock options. Its June call at 240 with 499 contracts was the top traded with the highest open interest. Reliance call option at 280 was the other most active paper. SBI call option at 250 was the highest premium gainer followed by M&M put option at 95 over the spot price.