He Nifty 50 Index gained 3.1% to 25,152, representing a 77% increase for the next series.
HDFC Bank saw a 96% rollover at the end of the August series with a total open interest (OI) of 17.35 million shares while OSE saw a 95% turnover with a total OI of 10.48 million shares, according to a report by the research firm to the nuvas.
Nifty Futures Rollovers stood at 77% as against 73% (last three series). Also, Nifty futures started the September series on a higher OI basis of Rs 35,600 crore (1.42 million shares) as against OI of Rs 33,600 crore (1.38 million shares) seen at the beginning of the August series.
The Bank Nifty index rose 0.52% in the August expiry. Prolonged accumulation was seen in Axis Bank, ICICI Bank, Industrial Bank and Kotak Mahindra Bank. The NSE PSU Bank index fell 2.61% at the August expiry.Read also: RIL’s bonus share issue and technology revamp fail to boost target pricesSector-wise, the pharmaceutical index rose by 8.4% and a long accumulation is observed in Apollo HospitalsDivi Laboratories and Ciplafollowed by the Nifty IT index which gained 6.33% with HCL Technologies witnessing a significant build-up of long positions. Short covering was observed in the consumer, media and FMCG sectors, while a build-up of short positions was observed in the real estate sector.
The Nuvama report further stated that IFIs were seen as net sellers to the tune of $2.1 billion, while IIDs continued to support the market with an outlay of $6.13 billion. The HNI and retail category added significant long positions in Single Stock Futures (SSF) and hedged with short positions on indices, while IFIs added sizable long positions on indices along with similar long bets on SSF.
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