MUMBAI: Equity indices on Tuesday pared some losses on the back of gains in IT shares, after touching the days' low due to weakness in European markets. Nifty ended 0.92 per cent lower but managed to close above its 100 DMA. In futures, Nifty May ended at 5162, a premium of 18 points to the spot. The contract added 6.70 lakh shares in open interest while price slipped 0.72 per cent. Nifty 5200 call added 2.15 lakh shares and 5300 call on Nifty May added just about 17,550 shares in open interest. However, 5000 and 4800 puts added about 4 lakh and 2 lakh shares respectively in open interest. "Widening premium coupled with positive cost of carry indicates forming of long positions in Nifty futures.
Build up of positions in 5200 calls and 5000 puts hints at narrow Nifty levels. Immediate support is seen at 5000 levels. If the support is breached it may come down to 4800 levels," said an analyst with local brokerage.
IT stocks were the biggest gainers today as the rupee depreciated against the dollar to an 8-month low and on fresh buying as these stocks seem undervalued. However, realty stocks were the worst hit.
In stocks futures, Polaris May contract gained 9 per cent and open interest added 4.31 lakh shares. Tech Mahindra ended at Rs 962, a premium of Rs 9 to the spot. Reliance Industries slipped 0.48 per cent while open interest was up 3 per cent. Bharati Airtel May contract price fell 4.9 per cent while it added 11 lakh shares in open interest. In realty stocks, DLF May price dropped 4.5 per cent. Unitech skid 6.5 per cent and HDIL fell 5.5 per cent. Today F&O turnover on NSE was provisional Rs 32,856 crore, down 0.3 per cent.
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