Turbulent start to derivatives as Omicron sends Nifty options on wild ride

Traders are off to one of the most turbulent starts to a derivatives series as Omicron has sent volatility soaring. The table (Extreme action) illustrates how Nifty option contracts with 17,000-strike price, expiring on December 30, 2021, have moved.

The contracts have witnessed an average daily change of 40 per cent in the past six trading sessions as the underlying index has seesawed amid the uncertainty caused by the new Coronavirus variant.

The Nifty on Monday ended at its lowest level in over three months because of the panic caused by the spread of the new variant and sustained selling by overseas