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EQUITY benchmarks surged over 3% on Wednesday, as traders scurried to cover their short positions ahead of a long weekend, and the expiry of the April futures and options contracts. Brokers said the rollover of April derivatives contracts to May was lower than the previous expiries, as volatility is expected to heighten ahead of the general election results on May 16.
"About 65% of the April series F&O contracts were rolled over to May. The figures are lower this month because of political uncertainties, while the removal of over 50 scrips from the F&O segment has also resulted in lower rollover percentages," said Bharat Shah, head of institutional sales,
Ventura Securities.
Analysts are expecting a fresh creation of short positions starting next week, as most traders expect polls to throw up a hung Parliament. FII activity in F&O will be closely watched by the market. In the cash market, they continue to be buyers, taking their net purchases tally for the month to roughly Rs 6,500 crore.
On Wednesday, FIIs net bought shares worth Rs 366 crore, pushing up the 30-share Sensex by 401 points, or 3.6%, higher to 11403.25. The 50-share Nifty ended 112 points, or 3.3%, to close at 3473.95.
Traded turnover on both the exchanges (cash and derivative segments) dropped by around Rs 3,000 crore (from Tuesday) to Rs 96,000 crore on Wednesday.
Elsewhere in Asia, key indices rose, after reports showed a surge in US consumer confidence levels and a gradual consolidation of US home prices.
shailesh.menon@timesgroup.com
"About 65% of the April series F&O contracts were rolled over to May. The figures are lower this month because of political uncertainties, while the removal of over 50 scrips from the F&O segment has also resulted in lower rollover percentages," said Bharat Shah, head of institutional sales,
Ventura Securities.
Analysts are expecting a fresh creation of short positions starting next week, as most traders expect polls to throw up a hung Parliament. FII activity in F&O will be closely watched by the market. In the cash market, they continue to be buyers, taking their net purchases tally for the month to roughly Rs 6,500 crore.
On Wednesday, FIIs net bought shares worth Rs 366 crore, pushing up the 30-share Sensex by 401 points, or 3.6%, higher to 11403.25. The 50-share Nifty ended 112 points, or 3.3%, to close at 3473.95.
Traded turnover on both the exchanges (cash and derivative segments) dropped by around Rs 3,000 crore (from Tuesday) to Rs 96,000 crore on Wednesday.
Elsewhere in Asia, key indices rose, after reports showed a surge in US consumer confidence levels and a gradual consolidation of US home prices.
shailesh.menon@timesgroup.com
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