Although there was no clear indication from the FED about their plan to start withdrawing their bond buying programme, impressive macro numbers from US increased certainty in the market that the FED may start withdrawing its stimulus programme beginning from as early as September. The emerging markets obviously fell and in India the rupee too fell sharply during the beginning of the week. But RBI intervension caused some stability for the rupee on Thursday and Friday and that helped short covering in the equity market. Thus the Indian bourses witnessed sharp rise on Thursady and Friday. Overall for the week the benchmark nifty fell 36.10 points to close at 5471.75 on Friday. The nifty future of the August series closed at 5460.70 (11.05 points discount to the underlying on Friday).Overall during the week the nifty future of the August series added 56.66 lakh shares in open interest (OI) as fresh shorts got added to take the total OI to 2.33 crore shares. On Thursday and Friday though the nifty future of the August series witnessed shedding of 9.49 lakh shares in OI due to short covering. The bank nifty future of the August series overall added 2.96 lakh shares in OI due to short buildup to take its total OI to 27.25 lakh shares. On Friday though it witnessed unwinding of 1.85 lakh shares in OI as some shorts got covered. In the nifty option segment the 5500 and above strike call added OI due to writing, while the 5400 strike put added OI due to writing indicating that there is support for the benchmark at this level. These might be technical support for the movement but the market would be closely eyeing the rupee move as various measures announced by the RBI and government so far has failed to support the rupee. The average volume during the week under review was higher at Rs 218817.17 crore as compared to Rs 155123.19 crore during the previous week. : Source (Capital Market )
Posted on: Sat, 24 Aug 2013 11:15:40 +0000
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