The Nifty 50 index gained 3.1%, settling at 25,152 witnessing a 77% rollover 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 crore shares while SBI saw a rollover of 95% with a total OI of 10.48 crore shares, according to a report by the research firm Nuvama.
Nifty futures rollovers stood at 77% vs 73% (last three series). Alongside, Nifty futures started the September series at a higher OI base of Rs 35,600 crore (1.42 crore shares) vs. OI of Rs 33,600 crore (1.38 crore shares) seen at the start of August series.
Bank Nifty was up by 0.52% in August expiry. Long build up was seen in Axis Bank, ICICI Bank, IndusInd Bank and Kotak Mahindra Bank. NSE PSU Bank Index declined by 2.61% in August expiry.Also read: RIL bonus share issue, deep-tech makeover fails to move target prices higherSectorally, the Pharma index surged by 8.4% with long long build up seen in Apollo Hospitals, Divi’s Laboratories and Cipla, followed by the Nifty IT index that gained 6.33% with HCL Technologies witnessing a significant long build up.Short Covering was seen across the consumption, media and the FMCG sector while short build was observed in the realty sector.
The Nuvama report further stated that FIIs were seen as net sellers to the tune of $ 2.1 billion, while DIIs continued to support the market with a deployment of $ 6.13 billion. The HNI and retail category added meaningful single stock futures (SSF) longs and hedged with Index Shorts, while FIIs added sizable Index longs along with similar SSF long bets.
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