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More pain in store for equities


Vinod K Sharma  |  New Delhi 

On Thursday when the June series ended, the July Nifty futures were quoting at a massive discount of 70 points to the cash market. This was the highest discount we have ever seen on an expiry day. Such a massive discount means this was a rollover of short positions.

There was more record-breaking data. The Nifty futures saw outstanding positions bloom to a record-breaking 4.8 crore Nifties on the penultimate day of the June expiry.

The third record was that the Nifty open interest as a proportion of the total open interest exceeded 63 per cent, the highest ever in the brief history of derivative markets in India.

The fourth record to be set was that of lowest proportion of stock futures to total futures

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First Published: Sat, June 28 2008. 00:00 IST