Derive Ti Eves in India

A Project Study on Derivatives in India
A PROJECT STUDY ON DERIVATIVES IN INDIA

Submitted By: Shah Bhavesh (13) Patel Darshan (17) Mehta Vaibhav (69)
In Partial Fulfillment of Masters of Business Administration Programme, Gujarat University
Project Guide:
Prof. S. K. Mantrala
S. K. Patel Institute of Management & Computer Studies 1

S.K.PATEL INSTITUTE OF MANAGEMENT AND COMPUTER STUDIES, GANDHINAGAR.
Acknowledgement
Motivation and co-operation are the main two pillars on which the success of any project relies. So first of all we would like to thank core guides of our project Mr. Pradeep Hotchandani (Derivatives head) and Mr. Devarsh Vakil who made us aware about the project and motivated us to work on the guideline of this unique, new and knowledge based project. Both had guided us at each and every stage of the project. They had been enthusiastically involved in every aspects of the project. Overall we are highly indebted to them for all the knowledge, guidance and motivation that he has provided us throughout our project. It is very interesting phenomenon that everybody is obliged to someone or the other. This obligation creates a sense of belongings and bondage, a beautiful world of people and friends. We must say that we have a feeling that we belong to such a world. Every person wants to prove himself in this fast, dynamic and cutthroat competitive world. When he/she gets an opportunity to do so then he or she will find that success is very near to him/her. So we would like to acknowledge our beloved Director Prof. S. Chinnam Reddy who gave us the opportunity undertakes the project in derivatives. We are thankful to Prof. Surya Krishna Mantral and Prof. Sonu Gupta for providing all the necessary support from their side. Without their continuous guidance and support, it would have been difficult for us to complete the project on time and in such a successful manner. We would also like to thank our friends and those who have helped us during this project directly or indirectly. Thank You All. Bhavesh Shah (13) Darshan Patel (17) Vaibhav Mehta (69)
Executive Summary
One of the interesting developments in financial market over the last 15 to 20 years has been the growing popularity of derivatives. In many situations, both hedgers and speculators find it more attractive to trade a derivative on an asset than to trade asset itself. Some derivatives are traded on exchanges. Others are made available to corporate clients by financial institutions or added to new issues of securities by underwrites. In this report we have included history of derivatives. Than we have included derivatives market in India. And after that we have discussed stock market derivatives. In this report we have taken a first look at forward, futures and options contract. A forward or futures contract involves an obligation to buy or sell an asset at certain time in the future for a certain price. There are two types options: calls and puts/ a call option gives the holder the right to buy an asset by a certain date for a certain price. In India the derivatives market has grown very rapidly. There are mainly three types of traders: hedgers, speculators and arbitrageurs. In the next section we discuss about the put/call ratio (P/C Ratio) is a market sentiment indicator that shows the relationship between the numbers of put to calls traded. One can use put/call ratio as market indicator. If put/call ratio is below 0.35 then it is taken as extremely bullish and if it is above 0.75 then the market is considered as extremely bearish. However one must consider the other market indicator in conjunction with the put/call ratio. Open interest is the number of open contract of a given future or option contract. An open contract can be a long or short contract that has not been exercised, closed out, or allowed to expire. Open interest is really more of a data filed than an indicator. Open interest can be better indicator of demand than trading volume in the underlying. In the next we have tried to find the relationship of different types derivatives indicators on the cash price of few selected stocks like NIFTY, ACC, Reliance, Satyam and TISCO by considering various ratios and parameters like:

1. 2. 3. 4. Put Call Ratio (open interest) Put Call Ratio (volume) Volume Traded Open Interest etc.
On the basis of different charts prepared, we have at the end provided whether there exists any relationship between the two variable being studied or not or what is the effect of one on the other variable.

Acknowledgement Executive Summary 03 02
Table of Contents:
1. Derivatives-An Introduction
06 2. Company Profile 09 3. Theoretical Aspects of Study 16

3.1. A Brief History of Derivatives 17 3.2. Introduction to Derivatives 21 3.3. Forwards & Futures 29 3.4. Options 3.5. Types of Traders 3.6. Types of Orders 61 3.7. Types of Margins 3.8. Selection Criteria 3.9. Number of Underlying Shares 69 3.10. Lot Size of Underlying Shares 72 3.11. Strike Price Intervals 75 3.12. Clearings & Settlement 76 3.13. Regulations Related to Derivatives 85 4. Research Methodology
40 57 63 65
90
4.1. Objective of the Study 91 4.2. Scope of the Study 91 4.3. Data Collection 92

4.4. Selection of Securities 92 4.5. Analysis of Data 4.6. Data Sheets & Charts 94 4.7. Limitations 5. Recent Trends in Derivatives Markets 92 136
137
5.1. Derivatives in Emerging Markets 138 5.2. A Boost to Derivative Market 142 5.3. Security Transaction Tax 142 5.4. FIIs can submit collateral for Derivatives 143 5.5. Business Growth in Derivatives Segment-Futures 145 5.6. Business Growth in Derivatives Segment-Options 146 5.7. Business Growth in Derivatives Segment-Total Turnover 147 6. Findings
148 7. Conclusion 151 8. Recommendations 152 9. Bibliography 10. Glossary 154
153
1. Derivatives-An Introduction
Risk is a characteristic feature of all commodity and capital markets. Prices of all commodities be they agricultural like wheat, cotton, rice, coffee or tea, or non- agricultural kike silver, gold etc. are subject to fluctuation over time in keeping with prevailing demand and supply conditions. Producers or possessors of these commodities obviously cannot be sure of the prices that their produce or possession may fetch when they have to sell them, in the same way as the buyers and the processors ate not sure what they would have to pay for their buy. Similarly, prices of shares and debentures or bonds and other securities are also subject to continuous changes. Those who are charged with the responsibility of managing money, their own or of others are therefore constantly exposed to the threat of risk. In the same way, the foreign exchange rates are also subject to continuous change. Thus an importer of certain piece of machinery is not sure of the amount he would have to pay in rupee terms when the payment becomes due. While example where risk is seen to exist can be easily multiplied, it may be observed that parties involved in all such cases may see the benefits of, and are likely to desire, having some contractual form whereby forward prices may be fixed and the price risk facing them is eliminated. Derivatives came into being primarily for the reason of the need to eliminate price risk.
WHAT ARE DERIVATIVES?

A derivatives instrument broadly is a financial contract whose payoff structure is determined by the value of an underlying commodity, security, interest rate, share price index, exchange rate, oil price and the kike. Thus a derivative instrument derives its value from some underlying variable. A derivative instrument by itself does not constitute ownership. It is, instead, a promise to convey ownership. Derivatives have become very important in the field finance. They are very important financial instruments for risk management as they allow risks to be separated and traded. Derivatives are used to shift risk and

act as a form of insurance. This shift of risk means that each party involved in the contract should be able to identify all the risks involved before the contract is agreed. It is also important to remember that derivatives are derived from an underlying asset. This means that risks in trading derivatives may change depending on what happens to the underlying asset. A derivative is a product whose value is derived from the value of an underlying asset, index or reference rate. The underlying asset can be equity, forex, commodity or any other asset. For example, if the settlement price of a derivative is based on the stock price of a stock for e.g. Infosys, which frequently changes on a daily basis, then the derivative risks are also changing on a daily basis. This means that derivative risks and positions must be monitored constantly. All derivatives are based on some cash products. The underlying basis of derivative instrument may be any product including Commodities including grain, coffee beans, orange juice etc. Precious metals like gold and silver Foreign exchange rate Bonds of different types, including medium to long- term negotiable debt securities issued by government, companies, etc. Short-term debt securities such as T-bills; and Over-the-counter (OTC) money market products such as loans or deposits. Derivatives are specialized contracts which are employed for a variety of purposes including reduction of funding costs by borrowers, enhancing the yield on assets, modifying the payment structure of assets to correspond to the investors market view, etc. however the most important use of derivatives is in transferring market risk, called hedging, which is a protection against losses resulting form unforeseen price or volatility changes. Thus derivatives are very important tool of risk management. As awareness about the usefulness of derivatives as a risk management tool has increased, the markets for derivatives too have grown. Of late, derivatives have assumed a very significant place in the field of finance and they seem to be driving global financial markets. Derivatives have made the international and financial headlines in the past for mostly with their association with spectacular losses or institutional collapses. But market players have traded derivatives

successfully for centuries and the daily international turnover in derivatives trading runs into billions of dollars. There are many kinds of derivatives including futures, options, interest rate swap, and mortgage derivatives. Are derivative instruments that can only be traded by experienced, specialist traders? Although it is true that complicated mathematical models are used for pricing some derivatives, the basic concepts and principles underpinning derivatives and their trading are quite easy to grasp and understand. Indeed, derivatives are used increasingly by market players ranging from governments, corporate treasurers, dealers and brokers and individual investors.
2. Company Profile
Anagram is part of the rupees 2500 cores Lalbhai group, associates of Arvind mills, previously anagram finance and one of Indias top broking houses, with membership of the NSE, BSE and ASE and in commodity exchange member of MCX, a decade of hard-won experience behind it. Since 1993, it came in this filed and grown staidly. Anagram securities have always focused on the need of the retail client. From its initial stronghold in Gujarat (8 major cities) it expanded to 24 cities and 38 offices covering the entire major business centers spread across the country. Its client base besides over 11000 individual also includes a substantial amount of institutional business. Aside from conventional broking services, it offers online trading named money pore express, and depository participant facilities with NSDL (National Securities depository Ltd.). In 2000 its billings crossed Rs. 17000 crores with around 5000 people making their trades through anagram. Anagram does no proprietarily trading and manages no mutual funds, not is it interested in corporate finance. They believe in offering advice with clients pressed to buy stocks simply because the firm has taken a position or lent money to a company. Anagram focuses primarily on recommending purchases in financially sound companies at reasonable market prices. It maintained a record of prompt payout to its client, winning a reputation for reliability and transparency that it not too common a currency in this business. Despite the alarming and sudden slumps that stock market and the economy have gone through over the last decade. Value of any brokerage house is dependent on the research department it has and the qualification of its research team. At anagram we have a good research team considered to be one of the best in the industry. Research team consists of the following members: Research Teams includes, Mr. Mr. Mr. Mr. Mr. Mr. Darshan Mehta (CEO, Anagram Stock Broking Ltd.), Keyur Shah, Ketan Thakkar, Vinod Sharma (Regularly appear on CNBC) Devanshu Bhatt, Keyur Shah (Equity Head)
The Complete Investment Destination

It provides comprehensive range of investment services. Thats advantage of having all the services investor need under one roof.
Stock broking:
It offers complete range of pre-trade and post-trade services on the BSE and the NSE. Whether an investor come into its conveniently environment, or issue instruction over the phone, its highly trained team and sophisticated equipment ensure smooth transactions and prompt services.
E-Broking and Web-Based Services:
It is one of the offer online trading. At its sites, www.moneypore.com, high bandwidth leased lines, secure services and a customs-built user interface give you an international standards trading experience. It also gives regular trading hours, and access to information, analysis of information, and a range of monitoring tools.
Trading Terminals-Money pore Express
It offer its sub-broker and approved/authorized user fully equipped trading terminals-Money pore Express, at the location of investors choice. It is fully functional terminal, with a variety of helpful features like market watch, order entry, order confirmation, charts, and trading calls, all available in resizable windows. And it can be operated through the keyboard using F1 for buy, F2 for sell.
Depository Participant Services
An in house DP means hassle-free, speedy settlements. It is depository participants with NSDL.
Premium Research Services
Its research team offers a package of fee-based services, including daily technical analysis, research reports, and advice on clients existing investments. It is research beyond desk and company-provider reports. Research team goes out and meets heads, visits plans and factories. If you have an equity portfolio, you know that the pace of life in the world of stocks and shares is frantic. Managing your portfolio means you have to take firm, informed decisions, and quickly!

And what do you base those decisions on? Rumors fly around with greater frequency than Indian Airlines flights. But relevant, reliable information isn't easy to get. Expert guidance costs large amounts of money. After all, it isn't everyone who can afford the services of a dedicated research cell. That's why we are introducing a set of Premium Services from our Research team, tailored specifically to the needs of the retail investor.
These services are available via e-mail, fax, or post. They are:
Service
Chintas call Anagram Mutual Fund Digest Ask Chinta Evening Review Weekend Wrap Investment calls Moneypore times Sector reports New Products Event Reports Latest Results
Description
Daily market views, Outlook for the week, Technical based position trading calls and stock picks from our online investment sage, Chinta-Money. SMS stock picks on your mobile. It will provide comprehensive comparative study of all mutual fund schemes and news related to mutual funds. Chinta-Money and team answers specific stock- and market-related questions within 24 hours. Report and Analysis on the course of events in the market. Report and analysis covering domestic and international markets Research report and recommendations on 5 companies. Bourse news and trading/investment calls We monitor the Cement, Pharma and IT sectors. Dividend Yield, Diwali Special, Millennium Calls, Top 10 Budget, govt. policy, merger and acq. of comp. Quick Snapshots of financial results as they happen.
Frequen cy
Daily
Weekly On request Daily Weekly Weekly Fortnightly As and when As and when As and when As and when
Other Investment Products

To help investor balance their portfolio, it offers a completer range of other investment products, like Mutual Funds. IPOs, Insurance of ICICI Prudential and Management related solutions with the help of Tata Consultancy Services (TCS) as sub syndicate.
Commodity Exchange
Recently it has become the member of MCX, a commodity exchange and has started providing services in the field of commodity trades to its clients. It deals in gold and silver.
Presence of Anagram in Different States
Investment philosophy of Anagram

The investment philosophy of Anagram focuses primarily on recommending purchases in financially sound companies at reasonable market prices. We would also recommend sales of companies which are above the sales price targets or whose business prospects are poor. Anagram recognizes that every individual is unique in terms of his investment time horizon, investment objectives, personal financial situations, level of interest and inclination in the investment decision taking process and last but not the least, his risk taking ability. Whilst it is hard to beat the level of absolute customization and hand holding that a qualified personal financial planner would provide, we have attempted to individualize, as much as possible, model portfolios that we believe reflect the individuals unique investment profile. A team of highly skilled analysts and experienced Investment professionals will be constantly monitoring a population of potential investment in companies so as to buy and sell on the basis of analytically derived risk/return ratios. The populations of companies have been selected based on many quantitative and qualitative benchmarks. The effort is directed to prevent permanent loss of capital and to make absolute returns over time with a minimal amount of business risk. Anagram is confident that through this process, over a three year period, the investment results will be superior to any market index. The portfolio, however, may fluctuate in the short run as the investment decisions will be guided by business prospects and not by short term market movements. We feel that this process will be well suited to the needs of investors. We see our role as that of an unbiased information provider and advisor attempting to empower individuals to take investment decisions and styles that suit them. Our selection of companies reflects this many of the companies that we have recommended for investment are providers of goods and services that touch the every day life of most of us. Our belief is that the comfort level of investing in such companies, therefore, would be very high.
Partners of Anagram Ltd.

CREDIT RESOURCES INDIA LIMITED provides advisory services and financial solutions in the areas of corporate finance, investment banking, business and Net strategy for businesses across a spectrum of industries. Credit Resources traces its genesis to a renowned Chartered Accountancy firm which specialized in corporate taxation and auditing. The firm established a financial services division in 1985, leveraging on its wide client base by providing the full spectrum of financial services. With the passage of time, this division built specialized skills in the areas of corporate advisory, corporate finance and investment banking. The division was spun off in 1990, firstly in the form of a partnership firm subsequently corporatized in 1992. The financial solutions offerings of Credit Resources comprise Corporate Finance and Investment Banking.
Corporate Finance
In Credit Resources is placement of domestic and foreign currency debt instruments with bulk investors - All India and State level term lending institutions, financial institutions, insurance companies, banks, Non Banking Finance companies and corporate investment companies. These include: Term Loans and Equipment finance loans Private placement of project and working capital debentures Short term and medium term loans and deposits Lease and Hire Purchase Private placement of preference shares External Commercial Borrowings
Investment Banking
In Credit Resources is placement of equities with bulk investors domestic and foreign financial institutions, mutual funds, private equity and foreign direct investment funds and corporate investment companies. Placements include:

Private placement of fresh equity of listed companies Placement of firm allotment category of public issues Placement of equity of unlisted companies Secondary market placements
The consultancy and advisory offerings comprise Corporate Advisory and Net Strategy via Net Resources.
Corporate Advisory
In Credit Resources is consultancy assignments in the following areas: Business Strategy and Structuring Capital Structuring and Restructuring Business and Share valuations Preparation of Research Reports and Information Memorandums
Net Resources
Is the recently formed division of Credit Resources and provides advisory and execution services in the following areas: Business Strategy for the Net - advisory and execution in the form of Build, Operate and Transfer (BOLT) Mergers/Acquisitions & Alliances Business Plan preparation and evaluation
Founder
Milan Sangani, 40, a Chartered Accountant by training, is the Founder and Managing Director of Credit Resources India Limited.Milan commenced his career in 1984 as a partner in charge of audits in a reputed chartered accountancy firm. In 1985, he set-up a financial services division, which was spun-off into Credit Resources in 1991. Leveraging his skills in the financial services market and finding a need in the personal finance space, he has been instrumental in conceptualizing and creating finsights.com, a transactional oriented personal finance site addressing the Indian and Overseas Indians that is now integrated with moneypore.com. He is actively involved with the Multiple Sclerosis Society of India and is personally responsible for creating barrier free accessibility for the disabled at various commercial buildings and public places. He is the Chairman of the Business Economics Study Circle and the Internet Study

Group of the Bombay Chartered Accountants' Society. He plays the jazz clarinet and is the founder of Jazz Junkeys an amateur jazz band.
3. Theoretical Aspects Of
Study
3.1. A Brief History Of Derivatives

The history of derivatives is quite colorful and surprisingly a lot longer than most people think. To start we need to go back to the Bible. In Genesis Chapter 29, believed to be about the year 1700 B.C., Jacob purchased an option costing him seven years of labor that granted him the right to marry Laban's daughter Rachel. His prospective father-inlaw, however, reneged, perhaps making this not only the first derivative but the first default on a derivative. Laban required Jacob to marry his older daughter Leah. Jacob married Leah, but because he preferred Rachel, he purchased another option, requiring seven more years of labor, and finally married Rachel, bigamy being allowed in those days. Jacob ended up with two wives, twelve sons, who became the patriarchs of the twelve tribes of Israel, and a lot of domestic friction, which is not surprising. Some argue that Jacob really had forward contracts, which obligated him to the marriages but that does not matter. Jacob did derivatives, one way or the other. Around 580 B.C., Thales the Milesian purchased options on olive presses and made a fortune off of a bumper crop in olives. So derivatives were around before the time of Christ. The first exchange for trading derivatives appeared to be the Royal Exchange in London, which permitted forward contracting. The first "futures" contracts are generally traced to the Yodoya rice market in Osaka, Japan around 1650. These were evidently standardized contracts, which made them much like today's futures, although it is not known if the contracts were marked to market daily and/or had credit guarantees. Probably the next major event, and the most significant as far as the history of U. S. futures markets, was the creation of the Chicago Board of Trade in 1848. Due to its prime location on Lake Michigan, Chicago was developing as a major center for the storage, sale, and distribution of Midwestern grain. Due to the seasonality of grain, however, Chicago's storage facilities were unable to accommodate the enormous increase in supply that occurred following the harvest. Similarly, its facilities were underutilized in the spring. Chicago spot prices rose and fell drastically. A group of grain traders created the "to-arrive" contract, which permitted farmers to lock in the price and deliver the grain later. This allowed the farmer to store the grain either on the farm or at a storage facility nearby and deliver it to Chicago months later. These to-arrive contracts proved useful as a device for hedging and speculating on price changes. Farmers and traders soon realized that the sale and delivery of

the grain itself was not nearly as important as the ability to transfer the price risk associated with the grain. The grain could always be sold and delivered anywhere else at any time. These contracts were eventually standardized around 1865, and in 1925 the first futures clearinghouse was formed. From that point on, futures contracts were pretty much of the form we know them today. In the mid 1800s, famed New York financier Russell Sage began creating synthetic loans using the principle of put-call parity. Sage would buy the stock and a put from his customer and sell the customer a call. By fixing the put, call, and strike prices, Sage was creating a synthetic loan with an interest rate significantly higher than usury laws allowed. One of the first examples of financial engineering was by none other than the beleaguered government of the Confederate States of America, which is sued a dual currency optionable bond. This permitted the Confederate States to borrow money in sterling with an option to pay back in French francs. The holder of the bond had the option to convert the claim into cotton, the south's primary cash crop. Interestingly, futures/options/derivatives trading was banned numerous times in Europe and Japan and even in the United States in the state of Illinois in 1867 though the law was quickly repealed. In 1874 the Chicago Mercantile Exchange's predecessor, the Chicago Produce Exchange, was formed. It became the modern day Merc in 1919. Other exchanges had been popping up around the country and continued to do so. The early twentieth century was a dark period for derivatives trading as bucket shops were rampant. Bucket shops are small operators in options and securities that typically lure customers into transactions and then flee with the money, setting up shop elsewhere. In 1922 the federal government made its first effort to regulate the futures market with the Grain Futures Act. In 1936 options on futures were banned in the United States. All the while options, futures and various derivatives continued to be banned from time to time in other countries. The 1950s marked the era of two significant events in the futures markets. In 1955 the Supreme Court ruled in the case of Corn Products Refining Company that profits from hedging are treated as ordinary income. This ruling stood until it was challenged by the 1988 ruling in the Arkansas Best case. The Best decision denied the deductibility of capital losses against ordinary income and effectively gave hedging a tax disadvantage. Fortunately, this interpretation was overturned in 1993. Another significant event of the 1950s was the ban on onion

futures. Onion futures do not seem particularly important, though that is probably because they were banned, and we do not hear much about them. But the significance is that a group of Michigan onion farmers, reportedly enlisting the aid of their congressman, a young Gerald Ford, succeeded in banning a specific commodity from futures trading. To this day, the law in effect says, "you can create futures contracts on anything but onions. In 1972 the Chicago Mercantile Exchange, responding to the now-freely floating international currencies, created the International Monetary Market, which allowed trading in currency futures. These were the first futures contracts that were not on physical commodities. In 1975 the Chicago Board of Trade created the first interest rate futures contract, one based on Ginnie Mae (GNMA) mortgages. While the contract met with initial success, it eventually died. The CBOT resuscitated it several times, changing its structure, but it never became viable. In 1975 the Merc responded with the Treasury bill futures contract. This contract was the first successful pure interest rate futures. It was held up as an example, either good or bad depending on your perspective, of the enormous leverage in futures. For only about $1,000, and now less than that, you controlled $1 million of T -bills. In 1977, the CBOT created the T -bond futures contract, which went on to be the highest volume contract. In 1982 the CME created the Eurodollar contract, which has now surpassed the T -bond contract to become the most actively traded of all futures contracts. In 1982, the Kansas City Board of Trade launched the first stock index futures, a contract on the Value Line Index. The Chicago Mercantile Exchange quickly followed with their highly successful contract on the S&P 500 index. 1973 marked the creation of both the Chicago Board Options Exchange and the publication of perhaps the most famous formula in finance, the option pricing model of Fischer Black and Myron Scholes. These events revolutionized the investment world in ways no one could imagine at that time. The Black-Scholes model, as it came to be known, set up a mathematical framework that formed the basis for an explosive revolution in the use of derivatives. In 1983, the Chicago Board Options Exchange decided to create an option on an index of stocks. Though originally known as the CBOE 100 Index, it was soon turned over to Standard and Poor's and became known as the S&P 100, which remains the most actively traded exchange-listed option. The 1980s marked the beginning of the era of swaps and other over-thecounter derivatives. Although over-the-counter options and forwards had previously existed, the generation of corporate financial managers of that decade was the first to come out of business schools with exposure to derivatives. Soon virtually every large corporation, and even some

that were not so large, were using derivatives to hedge, and in some cases, speculate on interest rate, exchange rate and commodity risk. New products were rapidly created to hedge the now-recognized wide varieties of risks. As the problems became more complex, Wall Street turned increasingly to the talents of mathematicians and physicists, offering them new and quite different career paths and unheard-of money. The instruments became more complex and were sometimes even referred to as "exotic." In 1994 the derivatives world was hit with a series of large losses on derivatives trading announced by some well-known and highly experienced firms, such as Procter and Gamble and Metallgesellschaft. One of America's wealthiest localities, Orange County, California, declared bankruptcy, allegedly due to derivatives trading, but more accurately, due to the use of leverage in a portfolio of short- term Treasury securities. England's venerable Barings Bank declared bankruptcy due to speculative trading in futures contracts by a 28- year old clerk in its Singapore office. These and other large losses led to a huge outcry, sometimes against the instruments and sometimes against the firms that sold them. While some minor changes occurred in the way in which derivatives were sold, most firms simply instituted tighter controls and continued to use derivatives. These stories hit the high points in the history of derivatives. Even my aforementioned "Chronology" cannot do full justice to its long and colorful history. The future promises to bring new and exciting developments.
3.2. Introduction To
Derivatives
The term Derivative indicates that it has no independent value, i.e. its value is entirely derived from the value of the underlying asset. The underlying asset can be securities, commodities, bullion, currency, live stock or anything else. In other words, Derivative means a forward, future, option or any other hybrid contract of pro determined fixed duration, linked for the purpose of contract fulfillment to the value of a specified real of financial asset of to an index of securities. Derivatives in mathematics, means a variable derived from another variable. Similarly in the financial sense, a derivative is a financial product, which has been derived from a market for another product. Without the underlying product, derivatives do not have any independent existence in the market. Derivatives have come into existence because of the existence of risks in business. Thus derivatives are means of managing risks. The parties managing risks in the market are known as HEDGERS. Some people/organizations are in the business of taking risks to earn profits. Such entities represent the SPECULATORS. The third player in the market, known as the ARBITRAGERS take advantage of the market mistakes.
The need for a derivatives market

The derivatives market performs a number of economic functions: They help in transferring risk from risk averse people to risk oriented people. They help in the discovery of future as well as current prices. They catalyze entrepreneurial activity. They increase the volume traded in markets because of participation of risk-averse people in greater numbers. They increase savings and investment in the long run.
Factors driving derivatives
the
growth
of
financial
Increased volatility in asset process in financial markets, Increased integration of national financial markets with the international markets, Marked improvement in communication facilities and sharp decline in their costs,

Development of more sophisticated risk management tools, providing economic agents a wider choice of risk management strategies, and Innovations in the derivatives markets, which optimally combine the risks and returns over a large number of financial assets leading to higher returns, reduced risk as well as transactions costs as compared to individual financial assets. A derivative is a financial instrument whose value depends on the value of other, more basic underlying variables.
The main instruments under the derivative are: Forward contract Future contract Options Swaps
1. Forward contract:
A forward contract is a particularly simple derivative. It is an agreement to buy or sell an asset at a certain future time for a certain price. The contract is usually between two financial institutions of between a financial institution and one of its corporate clients. It is not normally traded on an exchange. One of the parties to forward contract assumes a long position and agrees to buy he underlying asset on a specified future date for a certain specified price. The other party assumes a position and agrees to sell the asset on the same date for the same price. The specified price in a forward contract will be referred to as delivery price. The forward contract is settled at maturity. The holder of the short position delivers the asset to the holder price. A forward contract is worth zero when it is first entered into. Later it can have position or negative value, depending on movements in the price of the asset.
2. Future contract:
A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future for a certain price. Unlike forward contracts, futures contract are normally traded on an exchange. To make trading possible, the exchange specifies certain standardized features of the contract. As the two parties to the contract do not necessarily know each other the exchange also provides a mechanism, which gives the two parties a guarantee that the contract will be honored.

One way in which future contract is different from a forward contract is that an exact delivery date is not specified. The contract is referred to by its delivery month, and the exchange specifies the period during the month when delivery must be made.
3. Options:
An option is a contract, which gives the buyer the right, but not the obligation, to buy or sell specified quantity of the underlying assets, at a specific (strike) price on or before a specified time (expiration date). The underlying may be commodities like wheat/rice/cotton/gold/oil/ or financial instruments like equity stocks/ stock index/bonds etc. There are basic two types of options. A call options gives the holder the right to buy the underlying asset by a certain date for a certain price. A put option gives the holder the right to sell the underlying asset by a certain date for a certain price.
4. Swaps:
Swaps are private agreements between two companies to exchange cash flows in the future according to a prearranged formula. They can be regarded as portfolios of forward contracts.
5. Warrants:
Options generally have lives of up to one year, the majority of options traded on options exchange having a maximum maturity of nine months. Longer-dated options are called warrants and are generally traded over-the counter.
6. Leaps:
The scronym LEAPS means Long-Term Equity Anticipation Securities. These are options having a maturity of up to three years.
7. Baskets:
Basket options are options on portfolios of underlying assets. The underlying asset is usually a moving average or a basket of assets. Equity index options are a form of basket options.
Development Of Derivatives Market In India

The first step towards introduction of derivatives trading in India was the promulgation of the Securities Laws (Amendment) Ordinance, 1995 which withdrew the prohibition on options in securities. The market for derivatives, however did not take off as there was no regulatory framework to govern trading of derivatives. SEBI set up a 24-member committee under the chairmanship of Dr. L.C.Gupta on November 18, 1996 to develop appropriate regulatory framework for derivatives trading in India. The committee submitted its report on March 17.1998 prescribing necessary pre-conditions for introduction of derivatives trading in India. The committee recommended that derivatives should be declared as securities so that regulatory framework applicable to trading of securities could also govern trading of securities. SEBI also set up a group in June 1998 under the chairmanship of Prof.J.R.Varma, to recommend measures for risk containment in derivatives market in India. The report which was submitted in October 1998, worked out the operational details of margining system, methodology for charging initial margins, broker net worth, deposit requirement and real-time monitoring requirements. The securities Contract Regulation Act (SCRA) was amended in December 1999 to include derivatives within the ambit of securities and the regulatory framework were developed for governing derivatives trading. The act also made it clear that derivatives shall be legal and valid only if such contracts are traded on a recognized stock exchange, thus precluding OTC derivatives. The government also rescinded in March 2000, the three-decade old notification, which prohibited forward trading in securities. Derivatives trading commenced in India in June 2000 after SEBI granted the final approval to this effect in may 2001. SEBI permitted the derivative segments of two stock exchanges, NSC and BSC, and heir clearing house/corporation to commence trading and settlement in approved derivatives contracts. To begin with, SEBI approved trading in index futures contracts based on S&P CNX Nifty and BSC-30(Sensex)

index. This was followed by approval for trading in options based on these two indexes and on individual securities. The trading in BSC sensex options commenced on June 4, 2001 and the trading in options n individual securities commenced in July 2001. Futures contracts on individual socks were launched in November 2001. The derivatives trading on NSC commenced with S&P CNX Nifty index futures on June 12, 2000. The trading in index options commenced on June 4, 2001 and trading in options on individual securities commenced on July 2, 2001. The index future and options contract on NSC are based on S&P CNX. Trading and settlement in derivative contracts is done in accordance with the rules, byelaws, and regulations of the respective exchanges and their clearing house/corporation duly approved by SEBI and notified in he official gazette. Foreign Institutional Investors (FIIS) are permitted to trade in all Exchange traded derivative products.
Measures specified by SEBI to protect the rights of investor in the Derivative Market
Investors money has to be kept separate at all levels and is permitted to be used only against the liability of he investor and is not available to he trading member or clearing member or even any other investor. The Trading Member is required to provide every investor with a risk disclosure document which will disclose the risks associated with the derivatives trading so that investors can take a conscious decision to trade in derivatives. Investor would get he contract note duly time stamped for receipt of the order and execution of the order. The order will be executed with the identity of the client and without client ID order will not be accepted by the system. The investor could also demand the trade confirmation slip with his ID in support of the contract note. This will protect him from the risk of price favors, if any, extended by the Member. In the derivative markets all money paid by the investor towards margins on all open positions is kept in trust with the Clearing House/Clearing corporation and in the event of default of he Trading or clearing Member the amounts paid by the client towards margins are segregated and not utilized towards the default of he member. However, in the event of default of a member, losses suffered by the investor, if any, on settled/ closed out position are compensated from the investor Protection fund, as per the rules, bye-laws and regulations of the derivative segment of the exchanges.
STOCK MARKET DERIVATIVES

Futures & Options

In India, the National Stock Exchange of India Limited (NSC) commenced trading in derivatives with ht e launch of index future on June 12, 2000. The future contracts are based on the popular benchmark S&P CNX Nifty Index. The Exchange introduced trading in Index Options (also based on Nifty) on june4, 2001. NSC also became the first Exchange to launch trading in options on individual Securities form July 2, 2001. Futures on individual securities were introduced on November 9, 2001. Future and Options on individual securities are available on 31 securities stipulated by SEBI.
Instruments available in India

The National stock Exchange (NSC) has the following derivative products:
Products Underlyin g Instrume nt Type Trading cycle
Index Futures S&P CNX Nifty
Index Options S&P CNX Nifty
Future on Individual securities 30 Securities stipulated by SEBI
Options on Individual Securities 30 Securities stipulated by SEBI
European Maximum of 3month trading cycle. At any point in time, there will be 3 contracts available: 1)Near month, 2)Mid month & 3)Far month duration Last Thursday of the expiry month Permitted lot size is 200 & multiples there of Same as index futures Same as index futures
American Same as index futures
Expiry Day Contract Size
Same as index futures Same as index futures
Same as index futures As stipulated by NSC(not less than Rs.2 Lacs)
Same as index futures As stipulated by NSC(not less than Rs.2 Lacs)
Minimum contract size

The standing committee on finance, a parliamentary committee, at the time of recommending amendment t securities contract (Regulation) Act, 1956 had recommended that the minimum contract size of derivative contracts traded in the Indian markets should be pegged not below Rs. 2 Lakhs. Based on this recommendation SEBI has specified that the value of a derivative contract should not be less than Rs. 2 Lakh at the time of introducing he contract in the market.
Lot size of a contract

Lot size refers to number of underlying Securities in one contract. Additionally, for stock specific derivative contracts SEBI has specified that the lot size of the underlying individual security should be in multiples of 100 and fractions, if any, should be rounded of to the next requirement of minimum contract size forms the basis of arriving at the lot size of a contract. For example , if shares of XYZ Ltd are quoted at Rs.1000 each and the minimum contract size is Rs.2 Lacs, then the lot size for that particular scrips stands to be 200000/1000 = 200 Shares I.e. one contract in XYZ Ltd. Covers 200 Shares.
3.3. Forwards & Futures

Forward Contracts:
A deal fir the purchase or sale of a commodity, security or other asset can be in the spot or forward markets. A spot or cash market is the most commonly used for trading. A majority of our day to day transaction are in the cash market, where we pay cash and get the delivery of the goods. In addition to a cash purchase, another way to acquire or sell assets is by entering into a forward contract. In a forward contract, the buyer agrees to pay cash at a later date when the seller delivers the goods. As an analogy of a forward contract, suppose a patient calls a doctor for an appointment and sees him after two days at the appointed hour. After his examination, the patient pays the doctor. Similarly, if a car is booked with a dealer and the delivery matures the car is delivered after its price has been paid Usually no money changes hands when forward contracts are entered into, but sometimes one or both the parties to a contract may like to ask for some initial, good faith deposits to insure that the contract is honored by the other party. Typically in forward contract the price at which the underlying commodity or assets will be traded, is decided at the time of entering into the contract. The essential idea of entering into the forward contract is to peg the price and thereby avoid the price risk. Thus by entering in the forward contract, one is assured of the price at which one can buy/sell goods or other assets. Manufacturers using a certain raw material whose price is subject to variation, can avoid the risk of price moving adversely by entering into a forward contract and plans his operations better. Similarly, by entering into a forward contract, a farmer can ensure the price he can get for his crops and not worry about what price would prevail at the time of maturity of the contract. Of course, at the time maturity of contract, if the market price of the commodity is greater than the price agreed, then the buyer stand to gain while the seller gains is in long position. The opposite would holds when the market price happened to be lower than the agreed price. Forward contracts have been in existence for quite some time. The organized commodity exchanges, on which forward contracts are traded, probably started in Japan in the early 18th century, while the establishment of the Chicago Board of Trade (CBOT) in 1848 led to start of a formal commodity exchange in the USA.

A Forward contract is evidently a good mean of avoiding price risk, but it entails and elements of risk in that a party to the contract may not honor its part of the obligation. Thus each party is the risk of default. There is another problem. Once a position of buyer and seller takes in a forward contract, an investor cannot retreat accept through mutual consent with the party or by entering into an identical contract and taking a position that is the reverse of earlier position. Alternatives are by no means very easy. With forward contract entered on a one to one basis and with no standardization, the forward contract has virtually had no liquidity. This problem of credit risk and no liquidity associated with forward contracts led to the emergence of future contract. The future contracts are the refined forward contracts.
Future Contracts
As indicated, the futures contracts represent an improvement over the forward contracts in terms of standardization, performance guarantee and liquidity. A future contract is a standardized contract between two parties where one of the parties commits to sell, and the other to buy, a stipulated quantity of a commodity, currency, security, index or some other specified item at an agreed price on a given date in the future. 1 2 3 4 5 The futures contracts are standardized ones, so that the quantity of the commodity or the other asset which would be transferred or would form the basis of gain/loss on maturity of a contract, the quantity of the commodity-if a certain commodity is involvedand the place where delivery of the commodity would be made, the date and month of delivery, the units of price quotation, The minimum amount by which the price would change and the price limits for a days operations, and other relevant details are all specified in a future contract. Thus, in a way, it becomes a standard asset, like any other asset, to be traded.
Futures contracts are traded on commodity exchanges or other future exchanges. People can buy or sell futures like other commodities. When an investor buy a future contract on an organized future exchange, he/she is in fact assuming the right and obligation of taking the delivery of the specified underlying item on a specified date. Similarly, when an investor sells a contract, to take a short position, one assumes the right and obligation to make the delivery of the underlying asset. There is no risk of non-performance in the case of trading in the futures contracts. This is because a

clearing house or a clearing corporation is associated with the futures exchange, which plays a pivotal role in the trading of futures. A clearing house takes the opposite in each trade, so that it becomes the buyer to the seller and vice versa. When a party takes a short position in a contract, it is obliged to sell the underlying commodity in question at the stipulated price to the clearing house on maturity of the contract. Similarly, an investor who takes a long position on the contract can seek its performance through the clearing house only. A significant point to note is that while a clearing house guarantees the performance of the future contracts, the parties in the contracts are required to keep margins with it. The margins are taken to ensure that each party to a contract performs its part. The margins are adjusted on a daily basis to account for the gains or losses, depending upon the situation. This is known as marking to the market and involves giving a credit to the buyer of the contract, if the price of the contract rises a debiting the sellers account by an equal amount. Similarly, the buyers balance is reduced is reduced when the contract price declines and the sellers account is accordingly updated. It is not necessary to hold on to a futures contract until maturity and one can easily close out a position. Either of the parties may reverse their position by initiating a reverse trade, so that the original buyer of a contract can sell an identical contract at a later date, canceling, in effect, the original contract. Thus, the exchange facilitates subsequent selling (buying) of a contract so that a party can offset its position and eliminates the obligation. The fact that the buyer as well as the seller of a contract is free to transfer their interest in the contract to another party makes such contracts highly liquid in nature. In fact, most of the future contracts are cancelled by the parties, by engaging into reverse trades: the buyers cancels a contract by selling another contract, while the seller does so by buying another contract. Only a very small portion of them are held for actual delivery.
Evolution/History of Futures:
Futures contracts, especially those which involve agricultural commodities, have been traded for long. In USA for instance, such contracts began on the Chicago Board of Trade (CBOT) in the 1860s. Subsequently, contracts began to trade on commodities involving precious metals like gold, silver etc. However, significant changes have taken place in the last three decades with the development of financial futures contracts. They represent a very significant financial innovation. Such contracts encompass a variety of underlying asset-security, stock

indices, and interest rates and so on. The beginnings of financial future were made with the introduction of foreign currency futures contracts on the International Monetary Markets (IMM) in 1972. Subsequently, interest rates futures-where a contract is on an asset whose price is dependent solely on the level of interest rates-were introduced on made headway and introduced the Government National Mortgage Association contract (GNMA), and the year 1976 and 1977 saw the launching by IMM, respectively, of the T-Bill Future and T-Bonds Futures. T-Bonds is one of the most actively traded futures contract in the world and has, in particular, lent grate impetus to the introduction of similar future on many futures exchanges the world over. An important development took place in the world of future contracts in 1982 when stock index futures were introduced in the USA, after strong initial opposition to such contracts. A future contract on a stock index has been a revolutionary and novel idea because it represents a contract based not on a readily deliverable physical commodity or currency or other negotiable instrument. It is instead based on the concept of a mathematically measurable index that is determined by the market movement of a predetermined set of equity stocks. Such contracts are now very widely traded the world over.
How Futures Come about:

Many people see pictures of the large crowd of traders standing in a crowd yelling and signaling with their hands, holding pieces of paper, and writing frantically. To the outsider, it looks like chaos. But do you really think that there is in fact chaos going on in the worlds futures pits? Not a chance. Actually, everyone in the crowd knows exactly whats going on. It is in the fact, another language. Learn the language and you know what is going on. Initially, the first organized and central marketplaces were created to provide spot prices for immediate delivery. Shortly thereafter, forward contracts were also established, these forwards were forerunners to the present day futures contract.
Introduction of futures in India

The first derivative product introduced in the Indian securities market was INDEX FUTURES in June 2000. In India the stock futures were first introduced on November 9, 2001. The Indian capital market has grown quite well in the last decade. In the boom period of 1992 and thereafter, even the common man living in a village was attracted to the stock market. The stock market was

considered a profitable investment opportunity. Before July 2001, various stock exchanges including the BSE, NSE and Delhi stock Exchange, provided carry forward facilities through the traditional badla system. By means of this system the purchase or sale of a security was not postponed till a particular future date; instead the system only provided for the carry forward of a transaction from one settlement period(seven days) to the next settlement period for the payment of a fee known as badla charges. In the badla system, due to limited settlement period and no future price discovery, speculator could manipulate prices, thus causing loss to small investor and ultimately eroding investors confidence in the capital market. The last eight years have emphasized the necessity of futures trading in the capital market. In the absence of an efficient futures market, there was no price discover, therefore, prices could be moved in any desired direction. Recent developments in the capital market culminated n a ban on badla from July 2001. In the absence of futures trading, certain operator- either on their own or in collusion with corporate management teams at times manipulated prices in the secondary market, causing irreparable damage to the growth of the market. The small and medium investor, who are the backbone of the market, whose savings come to the market via primary or secondary route shied away, having burnt their fingers. As the small investor avoided the capital market, the downturn in the secondary market ultimately affected the primary market because people stopped investing in share for fear of loss or liquidity. Introducing futures contract in major shares along with index futures helped to revive the capital market. This did not only provide liquidity and efficiency to the market, but also helped in future price discovery. With renewed interest in old economy stock, activity in the stock futures market seems to be widening too. While initial trading was restricted to information technology stocks like satyam, infosys or digital today punter are slowly building positions in counters such as SBI, Tata Motors, TISCO, Reliance etc.
Features:
Every future contract is a forward contract. They: Are entered in to through exchange, traded on exchange and clearing corporation/house provides the settlement guarantee for trades. Are of standard quantity; standard quality (in case of commodities)

Have standard delivery time and price.
Difference contracts
between
forward
and
futures
We may now differentiate between forward and future contracts. Broadly, a future contract is different from a forward contract on the following counts: 1) Standardization: A forward contract is a tailor-made contract between the buyer and the seller where the terms are settled in mutual agreement between the parties. On the other hand, a future contract is standardized in regards to the quality, quantity, place of delivery of the asset etc. Only the price is negotiated. 2) Liquidity: There is no secondary market for forward contracts while futures contracts are traded on organized exchanges. Accordingly, futures contracts are usually much more liquid than the forward contracts. 3) Conclusion of contract: A forward contract is generally concluded with a delivery of the asset in question whereas the future contracts are settled sometimes with delivery of the asset and generally with the payment of the price differences. One who is long a contract can always eliminate his/her obligation by subsequently selling a contract for the same asset and same delivery date, before the conclusion of contract one holds. In the same manner, the seller of a futures contract can buy a similar contract and offset his/her position before maturity of the first contract. Each one of these actions is called offsetting a trade. 4) Margins: A forward contract has zero value for both the parties involved so that no collateral is required for entering into such a contract. There are only two parties involved. But in a futures contract, a third party called Clearing Corporation is also involved with which margin is required to be kept by both parties. 5) Profit/Loss Settlement: The settlement of a forward contract takes place on the date of maturity so that the profit/loss is booked on maturity only. On the other hand, the futures contracts are marked to market daily so that the profits or losses are settled daily.
Following table summarizes the difference between the Forward and Futures: DIFFERCENCE BETWEEN FORWARD AND FUTURES CONTRACT
DIFFERCENCE Size of contract Price of contract Mark to market Margin Counterparty risk Liquidity Nature of Market Mode of delivery
FORWARDS
Decided by buyer and seller Remains fixed till maturity Not done No margin required Present No liquidity Over the counter Specifically decided.
FUTURES
Standardized in each contract Changes every day Mark to market every day Margins are to be paid by both buyers and sellers Not present Highly liquid Exchange traded Standardized
What is an Index?
To understand the use and functioning of the index derivatives markets, it is necessary to understand the underlying index. A stock index represents the change in value of a set of stocks, which constitute the index. A market index is very important for the market players as it acts as a barometer for market behavior and as an underlying in derivative instruments such as index futures.
The Sensex and Nifty

In India the most popular indices have been the BSE Sensex and S&P CNX Nifty. The BSE Sensex has 30 stocks comprising the index which are selected based on market capitalization, industry representation, trading frequency etc. It represents 30 large well-established and financially sound companies. The Sensex represents a broad spectrum of companies in a variety of industries. It represents 14 major industry groups. Then there is a BSE national index and BSE 200. However, trading in index futures has only commenced on the BSE Sensex. While the BSE Sensex was the first stock market index in the country, Nifty was launched by the National Stock Exchange in April 1996 taking the base of November 3, 1995. The Nifty index consists of shares of 50 companies with each having a market capitalization of more than Rs 500 crore.
Futures and stock indices

For understanding of stock index futures a thorough knowledge of the composition of indexes is essential. Choosing the right index is important in choosing the right contract for speculation or hedging. Since for speculation, the volatility of the index is important whereas for hedging the choice of index depends upon the relationship between the stocks being hedged and the characteristics of the index. Choosing and understanding the right index is important as the movement of stock index futures is quite similar to that of the underlying stock index. Volatility of the futures indexes is generally greater than spot stock indexes. Everytime an investor takes a long or short position on a stock, he also has an hidden exposure to the Nifty or Sensex. As most often stock values fall in tune with the entire market sentiment and rise when the market as a whole is rising. Retail investors will find the index derivatives useful due to the high correlation of the index with their portfolio/stock and low cost associated with using index futures for hedging.

Understanding index futures
A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Index futures are all futures contracts where the underlying is the stock index (Nifty or Sensex) and helps a trader to take a view on the market as a whole. Index futures permits speculation and if a trader anticipates a major rally in the market he can simply buy a futures contract and hope for a price rise on the futures contract when the rally occurs. We shall learn in subsequent lessons how one can leverage ones position by taking position in the futures market. In India we have index futures contracts based on S&P CNX Nifty and the BSE Sensex and near 3 months duration contracts are available at all times. Each contract expires on the last Thursday of the expiry month and simultaneously a new contract is introduced for trading after expiry of a contract.
Example:
Futures contracts in Nifty in July 2001
Contract month Expiry/settlement
July 2001 August 2001 September 2001
July 26 August 30 September 27
On July 27
Contract month Expiry/settlement
August 2001 September 2001 October 2001
August 30 September 27 October 25
The permitted lot size is 200 or multiples thereof for the Nifty. That is you buy one Nifty contract the total deal value will be 200*1100 (Nifty value)= Rs 2,20,000. In the case of BSE Sensex the market lot is 50. That is you buy one Sensex futures the total value will be 50*4000 (Sensex value)= Rs 2,00,000. The index futures symbols are represented as follows:

BSE NSE
BSXJUN2001 (June contract) BSXJUL2001 (July contract) BSXAUG2001 (Aug contract)
FUTDXNIFTY28-JUN2001 FUTDXNIFTY28-JUL2001 FUTDXNIFTY28-AUG2001
Settlements
All trades in the futures market are cash settled on a T+1 basis and all positions (buy/sell) which are not closed out will be marked-to-market. The closing price of the index futures will be the daily settlement price and the position will be carried to the next day at the settlement price. The most common way of liquidating an open position is to execute an offsetting futures transaction by which the initial transaction is squared up. The initial buyer liquidates his long position by selling identical futures contract. In index futures the other way of settlement is cash settled at the final settlement. At the end of the contract period the difference between the contract value and closing index value is paid.
How to read the futures data sheet?

Understanding and deciphering the prices of futures trade is the first challenge for anyone planning to venture in futures trading. The first step is start tracking the end of day prices. Closing prices, Trading Volumes and Open Interest are the three primary data we carry with Index option quotes. The most important parameters are the actual prices, the high, low, open, close, last traded prices and the intra-day prices and to track them one has to have access to real time prices. The following table shows how futures data will be generally displayed in the business papers daily.
Series First High Low Trade Close Volume Value No of Open interest (No of (Rs in lakh) trades (No of contracts) contracts)
BSXJUN2000 4755 4820 4740 4783.1 146 BSXJUL2000 4900 4900 4800 4830.8 12 BSXAUG2000 4800 4870 4800 4835 2 Total 160
348.70 28.98 4.84 38252
104 10 2 116
51 2 1 54

The first column explains the series that is being traded. For e.g. BSXJUN2000 stands for the June Sensex futures contract. The column on volume indicates that (in case of June series) 146 contracts have been traded in 104 trades. One contract is equivalent to 50 times the price of the futures, which are traded. For e.g. In case of the June series above, the first trade at 4755 represents one contract valued at 4755 x 50 i.e. Rs. 2,37,750/-. Open interest indicates the total gross outstanding open positions in the market for that particular series. For e.g. Open interest in the June series is 51 contracts. The most useful measure of market activity is Open interest, which is also published by exchanges and used for technical analysis. Open interest indicates the liquidity of a market and is the total number of contracts, which are still outstanding in a futures market for a specified futures contract. A futures contract is formed when a buyer and a seller take opposite positions in a transaction. This means that the buyer goes long and the seller goes short. Open interest is calculated by looking at either the total number of outstanding long or short positions not both. Open interest is therefore a measure of contracts that have not been matched and closed out. The number of open long contracts must equal exactly the number of open short contracts.
Action Resulting open interest
New buyer (long) and new seller (short)Rise Trade to form a new contract. Existing buyer sells and existing seller Fall buys The old contract is closed. New buyer buys from existing buyer. No change there is no increase in The Existing buyer closes his position long contracts being held by selling to new buyer. Existing seller buys from new seller. No change there is no increase in The Existing seller closes his position short contracts being held by buying from new seller.
Open interest is also used in conjunction with other technical analysis chart patterns and indicators to gauge market signals. The following chart may help with these signals.

Market Price Open interest
Strong Warning signal
3.4. Options
What are options?
Like forward and futures, options represent another derivative instrument and provide a mechanism by which one can acquire a certain commodity or other asset, or take positions in, in order to make profit or cover risk for a price. The options are similar to the futures contracts in the sense that they are also standardized but are different from them in many ways. Options, in fact, represent the rights. An option is the right, but not the obligation, to buy or sell a specified amount (and quality) of a commodity, currency, index, or financial instrument, or to buy or sell a specified number of underlying futures contracts, at a specific price on or before a given date in future. Like other contracts, there are two parties to an options contract: the buyer who takes a long position and the seller or writer, who takes a short position. The options contract gives the owner a right to buy/sell a particular commodity or other asset at a specific predestined price by a specified date. The price involved is called exercise or strike price and the date involved is known as expiration. It is important to understand that such a contract fives its holder the right, and not the obligation to buy/sell. The option writer, on the other hand, undertakes upon himself the obligation to sell/buy the underlying asset if that suits the option holder. The notion of options can be exemplified as follows. Options are of two types: call option and put option. A call option gives an owner the right to buy while a put option gives its owner the right to sell. There is a wide variety of underlying assets including agricultural commodities, metals, shares, indices and so on, on which options are written. Further, like futures contracts, options are also tradeable on exchanges. The exchange-traded options are standardized contracts and their trading is regulated by the exchanges that ensure the honoring of such contracts. Thus, in case of options as well, a clearing corporation takes the other side in every contract so that the party with the long position has a claim against the clearing corporation and the one with short position is obliged to it. However, while buying or selling of futures contracts does not require any price to be paid, called premium. The writer of an option receives the premium as a compensation of the risk that he takes upon himself. The premium belongs to the writer and is not adjusted in the price if the holder of the option decides to exercise it. This price is determined on the exchange, like the price of a share, by the forces of demand and supply. Further,

like the share prices, the option prices also keep on changing with passage of time as trading in the, takes place. One difference between future and option trading may be noted. Whereas both parties to a futures contract are required to deposit margins to the exchange, only the party with the short position is called upon to pay margin in case of options trading. The party with the long position does not pay anything beyond the premium.
Options: A Historical Perspective

The options have a long history. The idea of an option existed in ancient Greece and Rome. The Romans wrote options on the cargoes that were transported by their ships. In the 17th century, there was an active options market in Holland. In fact, options were used in a large measure in the tulip bulb mania of that century. However, in the absence of a mechanism to guarantee the performance of the contract, the refusal of many put option writers to take delivery of the tulip bulbs and pay the high prices of the bulbs they had originally agreed to, led to bursting of the bulb bubble during the winter 1637. A number of speculators were wiped out in the process. Options were traded in the USA and UK during the 19th century and confined mainly to the agricultural commodities. Earlier, they were declared illegal in UK in1733 and remained so until 1860 when the Act declaring them illegal was repealed. They were again banned in the third decade of this century, albeit temporarily. In the USA, options on equity stocks of the companies were available on the over-the-counter (OTC) market only, until April, 1973. They were not standardized and involved the intra-party risk. In India, options on stocks of companies, through illegal, have been traded for many years on a limited scale in the form of teji and mandi, and related transactions. As such, this trading has been a very risky proposition to undertake. In spite of the long time that has elapsed since the inception of options, they were, until not very long ago, looked down upon as mere speculative tools and associated with corrupt practices. Things changed dramatically in the 1970s when options were transformed from relative obscurity to a systematically traded asset which is an integral part of financial portfolios. In fact, the year 1973 witnessed some major developments. Black and Scholes published a seminal paper explaining the basic principal of options pricing and hedging. In the same year, the Chicago Board Options Exchange (CBOT) was created. It was the first registered securities exchange dedicated to options trading. While trading in options existed for long, it experienced a gigantic growth with

the creation of this exchange. The listing of options meant orderly and thicker markets for this kind of securities. Options trading are now undertaken widely in many countries besides the USA and UK. In fact, options have become an integral part of the large and development financial markets. Stock markets by their very nature are fickle. While fortunes can be made in a jiffy more often than not the scenario is the reverse. Investing in stocks has two sides to it a) Unlimited profit potential from any upside or b) A downside which could make you a pauper. Derivative products are structured precisely for this reason -- to curtail the risk exposure of an investor. Index futures and stock options are instruments that enable you to hedge your portfolio or open positions in the market. Option contracts allow you to run your profits while restricting your downside risk. Apart from risk containment, options can be used for speculation and investors can create a wide range of potential profit scenarios. We have seen in the Derivatives School how index futures can be used to protect oneself from volatility or market risk. Here we will try and understand some basic concepts of options. Some people remain puzzled by options. The truth is that most people have been using options for some time, because options are built into everything from mortgages to insurance. An option is a contract, which gives the buyer the right, but not the obligation to buy or sell shares of the underlying security at a specific price on or before a specific date. Option, as the word suggests, is a choice given to the investor to either honor the contract; or if he chooses not to walk away from the contract. To begin, there are two kinds of options: Call Options and Put Options. A Call Option is an option to buy a stock at a specific price on or before a certain date. In this way, Call options are like security deposits. If, for example, you wanted to rent a certain property, and left a security deposit for it, the money would be used to insure that you could, in fact, rent that property at the price agreed upon when you returned. If you never returned, you would give up your security deposit, but you would have no other liability. Call options usually increase in value as the value of the underlying instrument rises. When you buy a Call option, the price you pay for it,

called the option premium, secures your right to buy that certain stock at a specified price called the strike price. If you decide not to use the option to buy the stock, and you are not obligated to, your only cost is the option premium. Put Options are options to sell a stock at a specific price on or before a certain date. In this way, Put options are like insurance policies If you buy a new car, and then buy auto insurance on the car, you pay a premium and are, hence, protected if the asset is damaged in an accident. If this happens, you can use your policy to regain the insured value of the car. In this way, the put option gains in value as the value of the underlying instrument decreases. If all goes well and the insurance is not needed, the insurance company keeps your premium in return for taking on the risk. With a Put Option, you can "insure" a stock by fixing a selling price. If something happens which causes the stock price to fall, and thus, "damages" your asset, you can exercise your option and sell it at its "insured" price level. If the price of your stock goes up, and there is no "damage," then you do not need to use the insurance, and, once again, your only cost is the premium. This is the primary function of listed options, to allow investors ways to manage risk. Technically, an option is a contract between two parties. The buyer receives a privilege for which he pays a premium. The seller accepts an obligation for which he receives a fee. There are two types of options:

Call Options Put Options
Call options
Call options give the taker the right, but not the obligation, to buy the underlying shares at a predetermined price, on or before a predetermined date.
Illustration 1:
Raj purchases 1 Satyam Computer (SATCOM) AUG 150 Call --Premium 8 This contract allows Raj to buy 100 shares of SATCOM at Rs 150 per share at any time between the current date and the end of next August.

For this privilege, Raj pays a fee of Rs 800 (Rs eight a share for 100 shares). The buyer of a call has purchased the right to buy and for that he pays a premium. Now let us see how one can profit from buying an option. Sam purchases a December call option at Rs 40 for a premium of Rs 15. That is he has purchased the right to buy that share for Rs 40 in December. If the stock rises above Rs 55 (40+15) he will break even and he will start making a profit. Suppose the stock does not rise and instead falls he will choose not to exercise the option and forego the premium of Rs 15 and thus limiting his loss to Rs 15. Let us take another example of a call option on the Nifty to understand the concept better. Nifty is at 1310. The following are Nifty options traded at following quotes.
Option contract Strike price Call premium
Dec Nifty
1325 1345 1325 1345
Rs 6,000 Rs 2,000 Rs 4,500 Rs 5000
Jan Nifty
A trader is of the view that the index will go up to 1400 in Jan 2002 but does not want to take the risk of prices going down. Therefore, he buys 10 options of Jan contracts at 1345. He pays a premium for buying calls (the right to buy the contract) for 500*10= Rs 5,000/-. In Jan 2002 the Nifty index goes up to 1365. He sells the options or exercises the option and takes the difference in spot index price which is (1365-1345) * 200 (market lot) = 4000 per contract. Total profit = 40,000/- (4,000*10). He had paid Rs 5,000/- premium for buying the call option. So he earns by buying call option is Rs 35,000/- (40,000-5000). If the index falls below 1345 the trader will not exercise his right and will opt to forego his premium of Rs 5,000. So, in the event the index falls further his loss is limited to the premium he paid upfront, but the profit potential is unlimited.

Call Options-Long & Short Positions
When you expect prices to rise, then you take a long position by buying calls. You are bullish. When you expect prices to fall, then you take a short position by selling calls. You are bearish.
Put Options
A Put Option gives the holder of the right to sell a specific number of shares of an agreed security at a fixed price for a period of time. eg: Sam purchases 1 INFTEC (Infosys Technologies) AUG 3500 Put --Premium 200 This contract allows Sam to sell 100 shares INFTEC at Rs 3500 per share at any time between the current date and the end of August. To have this privilege, Sam pays a premium of Rs 20,000 (Rs 200 a share for 100 shares). The buyer of a put has purchased a right to sell. The owner of a put option has the right to sell.
Illustration 2:
Raj is of the view that the a stock is overpriced and will fall in future, but he does not want to take the risk in the event of price rising so purchases a put option at Rs 70 on X. By purchasing the put option Raj has the right to sell the stock at Rs 70 but he has to pay a fee of Rs 15 (premium). So he will breakeven only after the stock falls below Rs 55 (70-15) and will start making profit if the stock falls below Rs 55.
Illustration 3:
An investor on Dec 15 is of the view that Wipro is overpriced and will fall in future but does not want to take the risk in the event the prices rise. So he purchases a Put option on Wipro. Quotes are as under: Spot Rs 1040

Jan Put at 1050 Rs 10 Jan Put at 1070 Rs 30 He purchases 1000 Wipro Put at strike price 1070 at Put price of Rs 30/-. He pays Rs 30,000/- as Put premium. His position in following price position is discussed below. 1. Jan Spot price of Wipro = 1020 2. Jan Spot price of Wipro = 1080 In the first situation the investor is having the right to sell 1000 Wipro shares at Rs 1,070/- the price of which is Rs 1020/-. By exercising the option he earns Rs (1070-1020) = Rs 50 per Put, which totals Rs 50,000/-. His net income is Rs (50000-30000) = Rs 20,000. In the second price situation, the price is more in the spot market, so the investor will not sell at a lower price by exercising the Put. He will have to allow the Put option to expire unexercised. He looses the premium paid Rs 30,000.
Put Options-Long & Short Positions

When you expect prices to fall, then you take a long position by buying Puts. You are bearish. When you expect prices to rise, then you take a short position by selling Puts. You are bullish.
CALL OPTIONS
PUT OPTIONS
If you expect a fall in price(Bearish) If you expect a rise in price (Bullish)
Short Long
Long Short
SUMMARY:
CALL OPTION BUYER CALL OPTION WRITER (Seller)
Pays premium Right to exercise and buy the shares Profits from rising prices Limited losses, Potentially unlimited gain
PUT OPTION BUYER
Receives premium Obligation to sell shares if exercised Profits from falling prices or remaining neutral Potentially unlimited losses, limited gain
PUT OPTION WRITER (Seller)
Pays premium Right to exercise and sell shares Profits from falling prices Limited losses, Potentially unlimited gain
Receives premium Obligation to buy shares if exercised Profits from rising prices or remaining neutral Potentially unlimited losses, limited gain
Option styles
Settlement of options is based on the expiry date. However, there are three basic styles of options you will encounter which affect settlement. The styles have geographical names, which have nothing to do with the location where a contract is agreed! The styles are:
European:
These options give the holder the right, but not the obligation, to buy or sell the underlying instrument only on the expiry date. This means that the option cannot be exercised early. Settlement is based on a particular strike price at expiration. Currently, in India only index options are European in nature.

eg: Sam purchases 1 NIFTY AUG 1110 Call --Premium 20. The exchange will settle the contract on the last Thursday of August. Since there are no shares for the underlying, the contract is cash settled.
American:
These options give the holder the right, but not the obligation, to buy or sell the underlying instrument on or before the expiry date. This means that the option can be exercised early. Settlement is based on a particular strike price at expiration. Options in stocks that have been recently launched in the Indian market are "American Options". eg: Sam purchases 1 ACC SEP 145 Call --Premium 12 Here Sam can close the contract any time from the current date till the expiration date, which is the last Thursday of September. American style options tend to be more expensive than European style because they offer greater flexibility to the buyer.
Option Class & Series

Generally, for each underlying, there are a number of options available: For this reason, we have the terms "class" and "series". An option "class" refers to all options of the same type (call or put) and style (American or European) that also have the same underlying. eg: All Nifty call options are referred to as one class. An option series refers to all options that are identical: they are the same type, have the same underlying, the same expiration date and the same exercise price.
Calls JUL AUG Wipro
SEP
JUL
Puts AUG Wipro
SEP

1300 1400 1500 45 35 20 60 45 42 75 65 48 15 25 30 20 28 40 28 35 55
eg: Wipro JUL 1300 refers to one series and trades take place at different premiums All calls are of the same option type. Similarly, all puts are of the same option type. Options of the same type that are also in the same class are said to be of the same class. Options of the same class and with the same exercise price and the same expiration date are said to be of the same series
Concepts
Strike price:
The Strike Price denotes the price at which the buyer of the option has a right to purchase or sell the underlying. Five different strike prices will be available at any point of time. The strike price interval will be of 20. If the index is currently at 1,410, the strike prices available will be 1,370, 1,390, 1,410, 1,430, 1,450. The strike price is also called Exercise Price. This price is fixed by the exchange for the entire duration of the option depending on the movement of the underlying stock or index in the cash market.
In-the-money:
A Call Option is said to be "In-the-Money" if the strike price is less than the market price of the underlying stock. A Put Option is In-TheMoney when the strike price is greater than the market price. eg: Raj purchases 1 SATCOM AUG 190 Call --Premium 10 In the above example, the option is "in-the-money", till the market price of SATCOM is ruling above the strike price of Rs 190, which is the price at which Raj would like to buy 100 shares anytime before the end of August. Similary, if Raj had purchased a Put at the same strike price, the option would have been "in-themoney", if the market price of SATCOM was lower than Rs 190 per share.

Out-of-the-Money:
A Call Option is said to be "Out-of-the-Money" if the strike price is greater than the market price of the stock. A Put option is Out-Of-Money if the strike price is less than the market price.
eg: Sam purchases 1 INFTEC AUG 3500 Call --Premium 150 In the above example, the option is "out-of- the- money", if the market price of INFTEC is ruling below the strike price of Rs 3500, which is the price at which SAM would like to buy 100 shares anytime before the end of August. Similary, if Sam had purchased a Put at the same strike price, the option would have been "out-of-the-money", if the market price of INFTEC was above Rs 3500 per share.
At-the-Money:
The option with strike price equal to that of the market price of the stock is considered as being "At-the-Money" or Near-the-Money. eg: Raj purchases 1 ACC AUG 150 Call or Put--Premium 10 In the above case, if the market price of ACC is ruling at Rs 150, which is equal to the strike price, then the option is said to be "at-the-money". If the index is currently at 1,410, the strike prices available will be 1,370, 1,390, 1,410, 1,430, 1,450. The strike prices for a call option that are greater than the underlying (Nifty or Sensex) are said to be out-of-themoney in this case 1430 and 1450 considering that the underlying is at 1410. Similarly in-the-money strike prices will be 1,370 and 1,390, which are lower than the underlying of 1,410. At these prices one can take either a positive or negative view on the markets i.e. both call and put options will be available. Therefore, for a single series 10 options (5 calls and 5 puts) will be available and considering that there are three series a total number of 30 options will be available to take positions in.
Covered Call Option

Covered option helps the writer to minimize his loss. In a covered call option, the writer of the call option takes a corresponding long position in the stock in the cash market; this will cover his loss in his option position if there is a sharp increase in price of the stock. Further, he is able to bring down his average cost of acquisition in the cash market (which will be the cost of acquisition less the option premium collected). eg: Raj believes that HLL has hit rock bottom at the level of Rs.182 and it will move in a narrow range. He can take a long position in HLL shares and at the same time write a call option with a strike price of 185 and collect a premium of Rs.5 per share. This will bring down the effective cost of HLL shares to 177 (182-5). If the price stays below 185 till expiry, the call option will not be exercised and the writer will keep the Rs.5 he collected as premium. If the price goes above 185 and the Option is exercised, the writer can deliver the shares acquired in the cash market.
Covered Put Option

Similarly, a writer of a Put Option can create a covered position by selling the underlying security (if it is already owned). The effective selling price will increase by the premium amount (if the option is not exercised at maturity). Here again, the investor is not in a position to take advantage of any sharp increase in the price of the asset as the underlying asset has already been sold. If there is a sharp decline in the price of the underlying asset, the option will be exercised and the investor will be left only with the premium amount. The loss in the option exercised will be equal to the gain in the short position of the asset.
Pricing of options
Options are used as risk management tools and the valuation or pricing of the instruments is a careful balance of market factors. There are four major factors affecting the Option premium:

Price of Underlying Time to Expiry Exercise Price Time to Maturity Volatility of the Underlying
And two less important factors:

Short-Term Interest Rates Dividends

Review of Options Pricing Factors
The Intrinsic Value of an Option The intrinsic value of an option is defined as the amount by which an option is in-the-money, or the immediate exercise value of the option when the underlying position is marked-to-market. For a call option: Intrinsic Value = Spot Price - Strike Price For a put option: Intrinsic Value = Strike Price - Spot Price The intrinsic value of an option must be positive or zero. It cannot be negative. For a call option, the strike price must be less than the price of the underlying asset for the call to have an intrinsic value greater than 0. For a put option, the strike price must be greater than the underlying asset price for it to have intrinsic value.
Price of underlying
The premium is affected by the price movements in the underlying instrument. For Call options the right to buy the underlying at a fixed strike price as the underlying price rises so does its premium. As the underlying price falls so does the cost of the option premium. For Put options the right to sell the underlying at a fixed strike price as the underlying price rises, the premium falls; as the underlying price falls the premium cost rises. The following chart summarises the above for Calls and Puts.
Opt
Option
Underlying price
Premium cost
Call Put
Time Value of an Option

Generally, the longer the time remaining until an options expiration, the higher its premium will be. This is because the longer an options lifetime, greater is the possibility that the underlying share price might move so as to make the option in-the-money. All other factors affecting an options price remaining the same, the time value portion of an options premium will decrease (or decay) with the passage of time.

Note: This time decay increases rapidly in the last several weeks of an options life. When an option expires in-the-money, it is generally worth only its intrinsic value.
Option Time to expiry Premium cost
Call Put
Volatility
Volatility is the tendency of the underlying securitys market price to fluctuate either up or down. It reflects a price changes magnitude; it does not imply a bias toward price movement in one direction or the other. Thus, it is a major factor in determining an options premium. The higher the volatility of the underlying stock, the higher the premium because there is a greater possibility that the option will move in-themoney. Generally, as the volatility of an under-lying stock increases, the premiums of both calls and puts overlying that stock increase, and vice versa. Higher volatility=Higher premium Lower volatility = Lower premium
Option Volatility Premium cost
Call Put
Interest rates
In general interest rates have the least influence on options and equate approximately to the cost of carry of a futures contract. If the size of the options contract is very large, then this factor may take on some importance. All other factors being equal as interest rates rise, premium costs fall and vice versa. The relationship can be thought of as an opportunity cost. In order to buy an option, the buyer must either borrow funds or use funds on deposit. Either way the buyer incurs an interest rate cost. If interest rates are rising, then the opportunity cost of buying options increases and to compensate the buyer premium costs fall. Why should the buyer be compensated? Because the option writer

receiving the premium can place the funds on deposit and receive more interest than was previously anticipated. The situation is reversed when interest rates fall premiums rise. This time it is the writer who needs to be compensated.
Option Interest rates Premium cost
Call Put
Reading Stock Option Tables

In India, option tables published in business newspapers and are fairly similar to the regular stock tables. The following is the format of the options table published in Indian business news papers:
NIFTY OPTIONS
Contrac Exp.D Str.P Opt.T Op Hi Lo Trd. No.of.C Trd.Va ts ate rice ype en gh w Qty ont. lue
RELIANCE RELIANCE RELIANCE 7/26/01 7/26/01 7/26/01 360 CA 360 PA 380 CA 3 29 1 3 39 1 2 29 1 4200 1200 1200 7 1512000 2 2 432000 456000

RELIANCE RELIANCE RELIANCE RELIANCE RELIANCE RELIANCE RELIANCE RELIANCE RELIANCE RELIANCE RELIANCE 7/26/01 7/26/01 7/26/01 7/26/01 7/26/01 8/30/01 8/30/01 8/30/01 7/26/01 7/26/01 7/26/01 380 PA 340 CA 340 PA 320 CA 320 PA 360 PA 340 CA 320 PA 300 CA 300 PA 280 CA 35 8 10 22 4 31 15 10 38 2 59 40 9 14 24 7 35 15 10 38 2 60 35 1200 2 456000 6 11400 10 13800 16 11400 2 29400 31 15 10 38 2 53 1200 600 600 600 1200 1800 19 3876000 23 4692000 19 3648000 49 9408000 2 1 1 1 2 3 432000 204000 192000 180000 360000 504000
The first column shows the contract that is being traded i.e Reliance. The second coloumn displays the date on which the contract will expire i.e. the expiry date is the last Thursday of the month. Call options-American are depicted as 'CA' and Put optionsAmerican as 'PA'. The Open, High, Low, Close columns display the traded premium rates.
Advantages of option trading

Risk management: Put options allow investors holding shares to hedge against a possible fall in their value. This can be considered similar to taking out insurance against a fall in the share price. Time to decide: By taking a call option the purchase price for the shares is locked in. This gives the call option holder until the Expiry Day to decide whether or not to exercise the option and buy the shares. Likewise the taker of a put option has time to decide whether or not to sell the shares.

Speculation: The ease of trading in and out of an option position makes it possible to trade options with no intention of ever exercising them. If an investor expects the market to rise, they may decide to buy call options. If expecting a fall, they may decide to buy put options. Either way the holder can sell the option prior to expiry to take a profit or limit a loss. Trading options has a lower cost than shares, as there is no stamp duty payable unless and until options are exercised. Leverage: Leverage provides the potential to make a higher return from a smaller initial outlay than investing directly. However, leverage usually involves more risks than a direct investment in the underlying shares. Trading in options can allow investors to benefit from a change in the price of the share without having to pay the full price of the share. Income generation: Shareholders can earn extra income over and above dividends by writing call options against their shares. By writing an option they receive the option premium upfront. While they get to keep the option premium, there is a possibility that they could be exercised against and have to deliver their shares to the taker at the exercise price. Strategies: By combining different options, investors can create a wide range of potential profit scenarios. To find out more about options strategies read the module on trading strategies.
3.5. Traders in Derivatives Market

Hedgers:
Hedgers are the traders who wish to eliminate the risk (of price change) to which they are already exposed. They may take a long position on, or short sell, a commodity and would, therefore, stand to lose should the prices move in the adverse direction. The trader can sell futures (or forward) contracts with a matching price, to hedge. Thus, if the wheat prices do fall, the trader would lose money on the inventory of wheat but will profit from the futures contract, which would balance the loss. It may be noted that hedging only makes an outcome more certain, it does not necessarily lead to an improved outcome. We have seen how one can take a view on the market with the help of index futures. The other benefit of trading in index futures is to hedge your portfolio against the risk of trading. In order to understand how one can protect his portfolio from value erosion let us take an example.
Illustration:
Ram enters into a contract with Shyam that six months from now he will sell to Shyam 10 dresses for Rs 4000. The cost of manufacturing for Ram is only Rs 1000 and he will make a profit of Rs 3000 if the sale is completed. Cost (Rs) 1000 Selling price 4000 Profit 3000
However, Ram fears that Shyam may not honour his contract six months from now. So he inserts a new clause in the contract that if Shyam fails to honour the contract he will have to pay a penalty of Rs 1000. And if Shyam honours the contract Ram will offer a discount of Rs 1000 as incentive. Shyam defaults 1000 (Initial Investment) 1000 (penalty from Shyam) - (No gain/loss) Shyam honours 3000 (Initial profit) (-1000) discount given to Shyam 2000 (Net gain)

As we see above if Shyam defaults Ram will get a penalty of Rs 1000 but he will recover his initial investment. If Shyam honours the contract, Ram will still make a profit of Rs 2000. Thus, Ram has hedged his risk against default and protected his initial investment. The above example explains the concept of hedging. Let us try understanding how one can use hedging in a real life scenario. Stocks carry two types of risk company specific and market risk. While company risk can be minimized by diversifying your portfolio market risk cannot be diversified but has to be hedged. So how does one measure the market risk? Market risk can be known from Beta. Beta measures the relationship between movement of the index to the movement of the stock. The beta measures the percentage impact on the stock prices for 1% change in the index. Therefore, for a portfolio whose value goes down by 11% when the index goes down by 10%, the beta would be 1.1. When the index increases by 10%, the value of the portfolio increases 11%. The idea is to make beta of your portfolio zero to nullify your losses. Hedging involves protecting an existing asset position from future adverse price movements. In order to hedge a position, a market player needs to take an equal and opposite position in the futures market to the one held in the cash market. Every portfolio has a hidden exposure to the index, which is denoted by the beta. Assuming you have a portfolio of Rs 1 million, which has a beta of 1.2, you can factor a complete hedge by selling Rs 1.2 mn of S&P CNX Nifty futures. Steps: 1. Determine the beta of the portfolio. If the beta of any stock is not known, it is safe to assume that it is 1. 2. Short sell the index in such a quantum that the gain on a unit decrease in the index would offset the losses on the rest of his portfolio. This is achieved by multiplying the relative volatility of the portfolio by the market value of his holdings. Therefore in the above scenario we have to shortsell 1.2 * 1 million = 1.2 million worth of Nifty. Now let us study the impact on the overall gain/loss that accrues: Index upIndex down 10% 10% Gain/(Loss) in Portfolio Rs 120,000 (Rs 120,000) Gain/(Loss) in Futures (Rs 120,000) Rs 120,000 Net Effect Nil Nil

As we see, that portfolio is completely insulated from any losses arising out of a fall in market sentiment. But as a cost, one has to forego any gains that arise out of improvement in the overall sentiment. Then why does one invest in equities if all the gains will be offset by losses in futures market. The idea is that everyone expects his portfolio to outperform the market. Irrespective of whether the market goes up or not, his portfolio value would increase. The same methodology can be applied to a single stock by deriving the beta of the scrip and taking a reverse position in the futures market. Thus, we have seen how one can use hedging in the futures market to offset losses in the cash market.
Speculators:
If hedgers are the people who wish to avoid the price risk, speculators are those who are willing to take such risk. These are the people who take position in the market and assume risks to profit from fluctuations in prices. In fact, the speculators consume information, make forecasts about the prices and put their money in these forecasts. Depending on their perceptions, they may take long or short positions on futures and/or options, or may hold spread positions (simultaneous long and short positions on the same derivatives). Speculators are those who do not have any position on which they enter in futures and options market. They only have a particular view on the market, stock, commodity etc. In short, speculators put their money at risk in the hope of profiting from an anticipated price change. They consider various factors such as demand supply, market positions, open interests, economic fundamentals and other data to take their positions.
Illustration:
Ram is a trader but has no time to track and analyze stocks. However, he fancies his chances in predicting the market trend. So instead of buying different stocks he buys Sensex Futures. On May 1, 2001, he buys 100 Sensex futures @ 3600 on expectations that the index will rise in future. On June 1, 2001, the Sensex rises to 4000 and at that time he sells an equal number of contracts to close out his position. Selling Price : 4000*100 = Rs 4,00,000

Less: Purchase Cost: 3600*100 = Rs 3,60,000 Net gain Rs 40,000 Ram has made a profit of Rs 40,000 by taking a call on the future value of the Sensex. However, if the Sensex had fallen he would have made a loss. Similarly, if would have been bearish he could have sold Sensex futures and made a profit from a falling profit. In index futures players can have a long-term view of the market up to atleast 3 months.
Arbitrageurs:
Arbitrageurs thrive on market imperfections. An arbitrageur profits by trading a given commodity, or other item, that sells for different prices in different markets. Simultaneous purchase of securities in one market where the price thereof is low and sale thereof in another market, where the price thereof is comparatively higher. There are done when the same securities are being quoted at different prices in the two markets, with a view to make a profit and carried on whth the conceived intention to derive advantage from difference in prices of securities prevailing in the two markets. An arbitrageur is basically risk averse. He enters into those contracts were he can earn riskless profits. When markets are imperfect, buying in one market and simultaneously selling in other market gives riskless profit. Arbitrageurs are always in the look out for such imperfections. In the futures market one can take advantages of arbitrage opportunities by buying from lower priced market and selling at the higher priced market. In index futures arbitrage is possible between the spot market and the futures market (NSE has provided a special software for buying all 50 Nifty stocks in the spot market. Take the case of the NSE Nifty. Assume that Nifty is at 1200 and 3 months Nifty futures is at 1300. The futures price of Nifty futures can be worked out by taking the interest cost of 3 months into account. If there is a difference then arbitrage opportunity exists. Let us take the example of single stock to understand the concept better. If Wipro is quoted at Rs 1000 per share and the 3 months futures of Wipro is Rs 1070 then one can purchase ITC at Rs 1000 in spot by borrowing @ 12% annum for 3 months and sell Wipro futures for 3 months at Rs 1070. Sale = 1070

Cost= 1000+30 = 1030 Arbitrage profit = 40 These kind of imperfections continue to exist in the markets but one has to be alert to the opportunities as they tend to get exhausted very fast.
3.6. Types of Orders

In the stock market, when prices of the well traded securities are quoted, full prices are seldom indicated. The various kinds of order given by various traders are as explained as below. 1) Market Order: Market Order is the most common type of order and simply involves an instruction to buy or sell at the prevailing price in the market. It represents the best price one can get at a point of time. Small orders can be conveniently executed at the market rate but if the size of the order is larger than the volume which is currently available in the dealing pit, then executions might not all be at the same price because the dealer would have to bid up or offer down until desired volumes are secured. Thus, large orders at market have a tendency to move against those who give them. No wonder, then, that large orders may be placed by market participants who wish to move the market in a particular direction. 2) Limit Order: A limit order is an order to buy or sell at a specified price, or a price better than that. Thus, a limit order is exemplified when a clent may give a broker a price limit above which he should not buy or below which he should not sell. Also, there is a time limit for which it may be given. This kind of an order puts more responsibility on the dealer since he has to be aware of his limits orders once the limit is reached. A limit order kind of an order is feasible whin it is considered that there is sufficient market force in the opposite direction at current prices. This has the advantage that it is far less likely to push prices in an adverse direction. 3) Stop-Loss Order: A stop-loss order is aimed at closing out positions whin a particular price level is traded. It is this kind of an order when, for instance, a cleent orders his broker to sell a share or some other security, if its market price falls to a certain level below the current price. Thus, once the specified price is reached or penetrated, the order becomes the market order. Stop-loss orders are a good means of protecting oncs profits, or limiting ones loss, while waiting for the market to recover. 4) Stop-Limit Order: A stop-limit order is said to be placed when, for example, a client can place a stop order at a particular level with a limit beyond which the market would cease to be chased. For the order, say, sell on stop 3188 limit 82, the broker/dealer to look to sell the position once the market declines and trades at 3188, but he would not sell below 3182. 5) Fill or Kill Order: This is an order to a broker to buy or sell a security or derivative immediately. If the order is not executed at

once, it is treated as withdrawn. This type of an order is often used by a party wishing to take out a large bid/offer but, in case of a failure, it does not wish to be viewed as a possible large counter party in the market. 6) Market if Touched (MIT): It is a limit order which automatically becomes a market order once a predetermined price is reached. 7) Good Till Cancelled (GTC): This is a clients order to buy or sell, usually at a specified price, which remains valid until its execution or cancellation. 8) Day Order or Good for the Day: As the name implies, this means the limits or stop order would lapes at the end of the day (of dealing) if it has not been executed during the day.
3.7. Various Kinds of Margins

Variation or mark-to-market margin
All daily losses must be met by depositing of further collateral known as variation margin, which is required by he close of business, the following day. Any profits on the contract are credited to the clients variation margin account.
Maintenance Margin
It is typically three-forth of initial margin. Some exchanges work on the system of maintenance margin, which is set at a level slightly less than initial margin. The margin is required to be replenished to the level of initial margin, only if the margin level drops below the maintenance margin limit. For e.g.. if initial margin is fixed at 100 and maintenance margin is at 80, then the broker is permitted to trade till such time that the balance in this initial margin account is 80 or more. If it drops to 70, then a margin of 30 (and not 10) is to be paid to replenish the levels of initial margin. This concept is not expected to be used in India.
Margin Call
In the process of marking to the market, if the balance in the margin account falls below the maintenance margin, the investor receives a margin call and is required to deposit additional funds to bring the balance to the level of initial margin in a very short period of time. The extra funds deposited are called variation margin.
Additional Margin
In case of sudden higher than expected volatility, additional margin may be called for by the exchange. This is generally imposed when the exchange fears that the markets have become too volatile and may result in some crisis, like payments crisis, etc. this is preemptive move by exchange to prevent breakdown.
Cross Margining
This is a method of calculating margin after taking into account combined positions in Future, options, cash market etc. Hence the total margin requirement reduces due to cross-hedges. This is unlikely to be introduced in India immediately.
3.8. Selection Criteria

Eligibility Criteria for selection of Securities and Indices:
SEBI vide its Circular No. : SEBI/DNPD/Cir-26/2004/07/16 dated July 16, 2004 has revised the eligibility criteria for introducing Futures & Options contracts on Stocks and Indices. Based on the above circular, the following criteria will be adopted by the Exchange w.e.f September 1, 2004, for selecting stocks and indices on which Futures & Options contracts would be introduced. 1. Eligibility criteria of stocks The stock shall be chosen from amongst the top 500 stocks in terms of average daily market capitalisation and average daily traded value in the previous six months on a rolling basis. The stocks median quarter-sigma order size over the last six months shall be not less than Rs. 0.10 million (Rs. 1 lac). For this purpose, a stocks quarter-sigma order size shall mean the order size (in value terms) required to cause a change in the stock price equal to one-quarter of a standard deviation. The market wide position limit in the stock shall not be less than Rs. 500 million (Rs. 50 crores). The market wide position limit (number of shares) shall be valued taking the closing prices of stocks in the underlying cash market on the date of expiry of contract in the month. The market wide position limit of open position (in terms of the number of underlying stock) on futures and option contracts on a particular underlying stock shall be lower of : 30 times the average number of shares traded daily, during the previous calendar month, in the relevant underlying security in the underlying segment, or 20% of the number of shares held by nonpromoters in the relevant underlying security i.e. free-float holding.

If an existing security fails to meet the eligibility criteria for three months consecutively, then no fresh month contract shall be issued on that security. Further, the members may also refer to circular no. NSCC/F&O/C&S/365 dated August 26, 2004, issued by NSCCL regarding Market Wide Position Limit, wherein it is clarified that a stock which has remained subject to a ban on new position for a significant part of the month consistently for three months, shall be phased out from trading in the F&O segment. However, the existing unexpired contracts may be permitted to trade till expiry and new strikes may also be introduced in the existing contract months.
2. Eligibility criteria of Indices Futures & Options contracts on an index can be introduced only if 80% of the index constituents are individually eligible for derivatives trading. However, no single ineligible stock in the index shall have a weightage of more than 5% in the index. The index on which futures and options contracts are permitted shall be required to comply with the eligibility criteria on a continuous basis. SEBI has subsequently modified the above criteria, vide its clarification issued to the Exchange The Exchange may consider introducing derivative contracts on an index if the stocks contributing to 80% weightage of the index are individually eligible for derivative trading. However, no single ineligible stocks in the index shall have a weightage of more than 5% in the index. The above criteria is applied every month, if the index fails to meet the eligibility criteria for three months consecutively, then no fresh month contract shall be issued on that index, However, the existing unexpired contacts shall be permitted to trade till expiry and new strikes may also be introduced in the existing contracts.
The following procedure is adopted for calculating the Quarter Sigma Order Size : 1. The applicable VAR (Value at Risk) is calculated for each security based on the J.R. Varma Committee guidelines. (The formula suggested by J. R. Varma for computation of VAR for margin calculation is statistically known as Exponentially weighted moving average (EWMA) method. In comparison to the traditional

method, EWMA has the advantage of giving more weight to the recent price movements and less weight to the historical price movements.) Such computed VAR is a value (like 0.03), which is also called standard deviation or Sigma. (The meaning of this figure is that the security has the probability to move 3% to the lower side or 3% to the upper side on the next trading day from the current closing price of the security). Such arrived at standard deviation (one sigma), is multiplied by 0.25 to arrive at the quarter sigma. (For example, if one sigma is 0.09, then quarter sigma is 0.09 * 0.25 = 0.0225) From the order snapshots (taken four times a day from NSEs Capital Market Segment order book) the average of best buy price and best sell price is computed which is called the average price. The quarter sigma is then multiplied with the average price to arrive at quarter sigma price. The following example explains the same : Security Best Buy (in Rs.) Best Sell (in Rs.) Average Price One Sigma Quarter sigma XYZ 306.45 306.90 306.70 0.009 0.00225
2.
3.
4. 5.
Quarter sigma price (Rs.) (Average Price *Quarter sigma) 0.70 6. Based on the order snapshot, the value of the order (order size in Rs.), which will move the price of the security by quarter sigma price in buy and sell side is computed. The value of such order size is called Quarter Sigma order size. (Based on the above example, it will be required to compute the value of the order (Rs.) to move the stock price to Rs. 306.00 in the buy side and Rs. 307.40 on the sell side. That is Buy side = average price quarter sigma price and Sell side = average price + quarter sigma price). Such an exercise is carried out for four order snapshots per day for all stocks for the previous six months period 7. From the above determined quarter sigma order size (Rs.) for each order book snap shot for each security, the median of the order sizes (Rs.) for buy side and sell side separately, are computed for all the order snapshots taken together for the last six months.

8. The average of the median order sizes for buy and sell side are taken as the median quarter sigma order size for the security. 9. The securities whose median quarter sigma order size is equal to or greater than Rs. 0.1 million (Rs. 1 Lac) qualify for inclusion in the F&O segment. Futures & Options contracts may be introduced on new securities which meet the above mentioned eligibility criteria, subject to approval by SEBI. New securities being introduced in the F&O segment are based on the eligibility criteria which take into consideration average daily market capitalization, average daily traded value, the market wide position limit in the security, the quarter sigma values and as approved by SEBI. The average daily market capitalisation and the average daily traded value would be computed on the 15th of each month, on a rolling basis, to arrive at the list of top 500 securities. Similarly, the quarter sigma order size in a stock would also be calculated on the 15th of each month, on a rolling basis, considering the order book snapshots of securities in the previous six months and the market wide position limit (number of shares) shall be valued taking the closing prices of stocks in the underlying cash market on the date of expiry of contract in the month. The number of eligible securities may vary from month to month depending upon the changes in quarter sigma order sizes, average daily market capitalisation & average daily traded value calculated every month on a rolling basis for the past six months and the market wide position limit in that security. Consequently, the procedure for introducing and dropping securities on which option and future contracts are traded will be as stipulated by SEBI in its circular no. SEBI/DNPD/Cir26/2004/07/16 dated July 16, 2004.
Selection criteria for unlisted companies:

For unlisted companies coming out with initial public offering, if the net public offer is Rs. 500 crs. or more, then the Exchange may consider introducing stock options and stock futures on such stocks at the time of its listing in the cash market.
3.9. List of Underlying:

The following companies are eligible for derivatives segment in India. Moreover every script has its own unique symbol which is mentioned as below. This list of securities are changing according to selection criteria, new script can be added if it fulfils the selection criteria and existing script can be removed if it not satisfies the criteria. No. 1 2 1 2 3 4 5 6 7 8 9 CNX IT Associated Cement Co. Ltd. Andhra Bank Arvind Mills Ltd. Bajaj Auto Ltd. Bank of Baroda Bank of India Bharat Electronics Ltd. Bharat Heavy Electricals Ltd. Underlying S&P CNX Nifty Symbol NIFTY CNXIT ACC ANDHRABANK ARVINDMILL BAJAJAUTO BANKBARODA BANKINDIA BEL BHEL CANBK CIPLA DRREDDY GAIL GRASIM GUJAMBCEM HCLTECH HDFC HDFCBANK HEROHONDA
Derivatives on Individual Securities
Bharat Petroleum Corporation Ltd. BPCL
10 Canara Bank 11 Cipla Ltd. 12 Dr. Reddy's Laboratories Ltd. 13 GAIL (India) Ltd. 14 Grasim Industries Ltd. 15 Gujarat Ambuja Cement Ltd. 16 HCL Technologies Ltd. 17 Housing Development Finance Corporation Ltd.
18 HDFC Bank Ltd. 19 Hero Honda Motors Ltd.

20 Hindalco Industries Ltd. 21 Hindustan Lever Ltd. 22 Hindustan Petroleum Corporation Ltd. HINDALC0 HINDLEVER HINDPETRO ICICIBANK I-FLEX INFOSYSTCH IPCL IOC ITC M&M MARUTI MASTEK MTNL NATIONALUM NTPC ONGC ORIENTBANK POLARIS PNB RANBAXY REL RELIANCE SATYAMCOMP SBIN SCI SYNDIBANK TCS TATAPOWER TATATEA TATAMOTORS
23 ICICI Bank Ltd. 24 I-FLEX Solutions Ltd. 25 Infosys Technologies Ltd. 26 Indian Petrochemicals Corpn. Ltd. 27 Indian Oil Corporation Ltd. 28 ITC Ltd. 29 Mahindra & Mahindra Ltd. 30 Maruti Udyog Ltd. 31 Mastek Ltd. 32 Mahanagar Telephone Nigam Ltd. 33 National Aluminium Co. Ltd. 34 National Thermal Power Corporation Ltd.
35 Oil & Natural Gas Corp. Ltd. 36 Oriental Bank of Commerce 37 Polaris Software Lab Ltd. 38 Punjab National Bank 39 Ranbaxy Laboratories Ltd. 40 Reliance Energy Ltd. 41 Reliance Industries Ltd. 42 Satyam Computer Services Ltd. 43 State Bank of India 44 Shipping Corporation of India Ltd. 45 Syndicate Bank 46 Tata Consultancy Services 47 Tata Power Co. Ltd. 48 Tata Tea Ltd. 49 Tata Motors Ltd.

50 Tata Iron and Steel Co. Ltd. 51 Union Bank of India 52 Wipro Ltd. TISCO UNIONBANK WIPRO
3.10. Lot Sizes of Contracts

The market lot for individual stock and its symbol are mentioned in the table given below. The order should be of that lot size. Odd lots are not allowed in derivatives segment. This lot size is fixed in accordance with minimum contract value. If anybody wants to take position, then he/she has to follow the below market lot (size or number of shares).
No. Underlying 1 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 S&P CNX Nifty CNX IT Associated Cement Co. Ltd. Andhra Bank Arvind Mills Ltd. Bajaj Auto Ltd. Bank of Baroda Bank of India Bharat Electronics Ltd. Bharat Heavy Electricals Ltd.
Symbol NIFTY CNXIT ACC ARVINDMILL BAJAJAUTO BANKINDIA BEL BHEL
Market Lot 200 100 1500 4300 400 3800 550 600 550 1600 1000 200 1500 350 1100
Derivatives on Individual Securities ANDHRABANK 4600
BANKBARODA 1400
Bharat Petroleum Corporation BPCL Ltd. Canara Bank Cipla Ltd. Dr. Reddy's Laboratories Ltd. GAIL (India) Ltd. Grasim Industries Ltd. Gujarat Ambuja Cement Ltd. CANBK CIPLA DRREDDY GAIL GRASIM GUJAMBCEM

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 HCL Technologies Ltd. HCLTECH 1300 600 800 400 300 2000 650 1400 300 200 1100 600 300 625 400 1600 1600 1150 3250 300 1200 1200 1400 400 550 600 1200 Housing Development Finance HDFC Corporation Ltd. HDFC Bank Ltd. Hero Honda Motors Ltd. Hindalco Industries Ltd. Hindustan Lever Ltd. Hindustan Corporation Ltd. ICICI Bank Ltd. I-FLEX Solutions Ltd. Infosys Technologies Ltd. Petroleum HDFCBANK HEROHONDA HINDALC0 HINDLEVER HINDPETRO ICICIBANK I-FLEX INFOSYSTCH
Indian Petrochemicals Corpn. IPCL Ltd. Indian Oil Corporation Ltd. ITC Ltd. Mahindra & Mahindra Ltd. Maruti Udyog Ltd. Mastek Ltd. IOC ITC M&M MARUTI MASTEK
Mahanagar Telephone Nigam MTNL Ltd. National Aluminium Co. Ltd. National Thermal Corporation Ltd. Power NATIONALUM NTPC ONGC ORIENTBANK PNB POLARIS RANBAXY REL RELIANCE SATYAMCOMP Services
Oil & Natural Gas Corp. Ltd. Oriental Bank of Commerce Punjab National Bank Polaris Software Lab Ltd. Ranbaxy Laboratories Ltd. Reliance Energy Ltd. Reliance Industries Ltd. Satyam Ltd. Computer

43 44 45 46 47 48 49 50 51 52 State Bank of India SBIN 500 1600 7600 250 800 550 825 1350 4200 600 Shipping Corporation of India SCI Ltd. Syndicate Bank Tata Power Co. Ltd. Tata Tea Ltd. Tata Motors Ltd. Tata Iron and Steel Co. Ltd. Union Bank of India Wipro Ltd. SYNDIBANK TATAPOWER TATATEA TATAMOTORS TISCO UNIONBANK WIPRO Tata Consultancy Services Ltd TCS
3.11. Strike Price Intervals:

The Exchange provides a minimum of seven strike prices for every option type (i.e Call & Put) during the trading month. At any time, there are three contracts in-the-money (ITM), three contracts out-of-themoney (OTM) and one contract at-the-money (ATM). The strike price interval would be: Price of Underlying Less than or equal to Rs. 50 > Rs.50 to less than or equal to Rs. 250 > Rs.250 to less than or equal to Rs. 500 > Rs.500 to less than or equal to Rs. 1000 > Rs.2500 Strike (Rs.) 2.50 5 10 20 50 Price interval
> Rs.1000 to less than or equal to Rs. 2500 30
New contracts with new strike prices for existing expiration date are introduced for trading on the next working day based on the previous day's underlying close values, as and when required. In order to decide upon the at-the-money strike price, the underlying closing value is rounded off to the nearest strike price interval. The in-the-money strike price and the out-of-the-money strike price are based on the at-the-money strike price interval
3.12. Settlement Mechanism

Clearing and settlement
National Securities Clearing Corporation Limited (NSCCL) undertakes clearing and settlement of all trades executed on the futures and options (F&O) segment of the NSE. It also acts as legal counterparty to all trades on the F&O segment and guarantees their financial settlement.
Clearing entities
Clearing and settlement activities in the F&O segment are undertaken by NSCCL with the help of the following entities:
Clearing members
In the F&O segment, some members, called self clearing members, clear and settle their trades executed by them only either on their own account or on account of their clients. Some others, called trading membercumclearing member, clear and settle their own trades as well as trades of other trading members(TMs). Besides, there is a special category of members, called professional clearing members (PCM) who clear and settle trades executed by TMs. The members clearing their own trades and trades of others, and the PCMs are required to bring in additional security deposits in respect of every TM whose trades they undertake to clear and settle.
Clearing banks
Funds settlement takes place through clearing banks. For the purpose of settlement all clearing members are required to open a separate bank account with NSCCL designated clearing bank for F&O segment. The Clearing and Settlement process comprises of the following three mainactivities: 1. Clearing 2. Settlement Proprietary position of trading member Madanbhai on Day 1 Trading member Madanbhai trades in the futures and options segment for himself and two of his clients. The table shows his proprietary position. Note: A buy position 200@1000means 200 units bought at the rate of Rs.1000. Trading member Madanbhai Proprietary position Buy 200@1000 Sell 400@1010

Client position of trading member Madanbhai on Day 1 Trading member Madanbhai trades in the futures and options segment for himself and two of his clients. The table shows his client position. Trading member Madanbhai Buy Open Client position Client A Client B 400@1109 Sell Close 200@1000 600@1100 200@1099 Sell Open Buy Close
3. Risk Management
Clearing mechanism
The clearing mechanism essentially involves working out open positions and obligations of clearing (self-clearing/trading-cumclearing/professional clearing) members. This position is considered for exposure and daily margin purposes. The open positions of CMs are arrived at by aggregating the open positions of all the TMs and all custodial participants clearing through him, in contracts in which they have traded. A TMs open position is arrived at as the summation of his proprietary open position and clients open positions, in the contracts in which he has traded. While entering orders on the trading system, TMs are required to identify the orders, whether proprietary (if they are their own trades) or client (if entered on behalf of clients) through Pro/ Cli indicator provided in the order entry screen. Proprietary positions are calculated on net basis(buy - sell) for each contract. Clients positions are arrived at by summing together net (buy - sell) positions of each individual client. A TMs open position is the sum of proprietary open position, client open long position and client open short position. Consider the following example given The proprietary open position on day 1 is simply = Buy - Sell = 200 - 400 = 200 short. The open position for client A= Buy(O) - Sell(C) = 400 - 200 = 200 long, i.e. he has a long position of 200 units. The open position for Client B = Sell(O) - Buy(C) = 600 - 200 = 400 short, i.e. he has a short position Proprietary position of trading member Madanbhai on Day 2 Assume that the position on Day 1 is carried forward to the next trading day and the following trades are also executed. Trading member Madanbhai Buy Sell

Proprietary position 200@1000 400@1010 Client position of trading member Madanbhai on Day 2 Trading member Madanbhai trades in the futures and options segment for himself and two of his clients. The tableshows his client position on Day 2. Trading member Madanbhai Buy Open Client position Client A Client B 400@1109 Sell Close 200@1000 600@1100 400@1099 Sell Open Buy Close
of 400 units. Now the total open position of the trading member Madanbhai at end of day 1 is 200(his proprietary open position on net basis) plus 600(the Client open positions on gross basis), i.e. 800. The proprietary open position at end of day 1 is 200 short. The end of day open position for proprietary trades undertaken on day 2 is 200 short. Hence the net open proprietary position at the end of day 2 is 400 short. Similarly, Client As open position at the end of day 1 is 200 long. The end of day open position for trades done by Client A on day 2 is 200 long. Hence the net open position for Client A at the end of day 2 is 400 long. Client Bs open position at the end of day 1 is 400 short. The end of day open position for trades done by Client B on day 2 is 200 short. Hence the net open position for Client B at the end of day 2 is 600 short. The net open position for the trading member at the end of day 2 is sum of the proprietary open position and client open positions. It works out to be 400 + 400 + 600, i.e. 1400. The following table illustrates determination of open position of a CM, who clears for two TMs having two clients.
Settlement mechanism
All futures and options contracts are cash settled, i.e. through exchange of cash. The underlying for index futures/options of the Nifty index cannot be delivered. These contracts, therefore, have to be settled in cash. Futures and options on individual securities can be delivered as in the spot Determination of open position of a clearing member

TMs clearin Proprietary trades g through CM Buy Sell Net ABC 400 200 2000 0 0 PQR 200 300 (1000 0 0 ) Total 600 500 +200 0 0 0 -1000 Trades: Client 1 Trades: Client 2 Open position Long 600 0 100 0 700 0 Short 2000 2000
Buy 300 0 200 0 500 0
Sell 100 0 100 0 200 0
Net 2000 1000 +300 0
Buy 400 0 100 0 500 0
Sell 200 0 200 0 400 0
Net 2000 (1000 ) +200 0 -1000
market. However, it has been currently mandated that stock options and futures would also be cash settled. The settlement amount for a CM is netted across all their TMs/clients, with respect to their obligations on MTM, premium and exercise settlement. Settlement of futures contracts Futures contracts have two types of settlements, the MTM settlement which happens on a continuous basis at the end of each day, and the final settlement which happens on the last trading day of the futures contract.
MTM settlement:
All futures contracts for each member are marked-to-market(MTM) to the daily settlement price of the relevant futures contract at the end of each day. The profits/losses are computed as the difference between: 1. The trade price and the days settlement price for contracts executed during the day but not squared up. 2. The previous days settlement price and the current days settlement price for brought forward contracts. 3. The buy price and the sell price for contracts executed during the day and squared up. Table 11.6 explains the MTM calculation for a member. The settlement price for the contract for today is assumed to be 105. The CMs who have a loss are required to pay the mark-to-market (MTM) loss amount in cash which is in turn passed on to the CMs who have made a MTM profit. This is known as daily mark-to-market settlement. CMs are responsible to collect and settle the daily MTM profits/losses incurred by the TMs and their clients clearing and settling through them. Similarly, TMs are responsible to collect/pay losses/ profits from/to their clients by the next day. The pay-in and pay-out of the mark-to-market settlement are effected on the day following the trade day. In case a futures contract is

not traded on a day, or not traded during the last half hour, a theoretical settlement price is computed as per the following formula: Table 11.6 Computation of MTM at the end of the day The table gives the MTM charged on various positions. The margin charged on the brought forward contract is the difference between the previous days settlement price of Rs.100 and todays settlement price of Rs.105. Hence on account of the position brought forward, the MTM shows a profit of Rs.500. For contracts executed during the day, the difference between the buy price and the sell price determines the MTM. In this example, 200 units are bought @Rs.100 and 100 units sold@Rs.102 during the day. Hence the MTM for the position closed during the day shows a profit of Rs.200. Finally, the open position of contracts traded during the day, is margined at the days settlement price and the profit of Rs.500 credited to the MTM account. So the MTM account shows a profit of Rs.1200. Trade details Quantity bought/sold 100@100 Settlement price 105 MTM
Brought 500 forward from previous day Traded during day Bought 200@100 Sold 100@102 102 200 Open position 100@100 105 500 (not squared up) Total 1200 F _ S_ _ _ where: F Theoretical futures price S Value of the underlying index r Cost of fi nancing(using continuously compounded interest rate) or rate of interest(MIBOR) T Time till expiration e 2.71828 After completion of daily settlement computation, all the open positions are reset to the daily settlement price. Such positions become the open positions for the next day. Final settlement for futures on the expiry day of the futures contracts, after the close of trading hours, NSCCL marks all positions of a CMto the final settlement price and the resulting profit/loss is settled in cash. Final settlement loss/profit amount is

debited/ credited to the relevant CMs clearing bank account on the day following expiry day of the contract. Settlement prices for futures Daily settlement price on a trading day is the closing price of the respective futures contracts on such day. The closing price for a futures contract is currently calculated as the last half an hour weighted average price of the contract in the F&O Segment of NSE. Final settlement price is the closing price of the relevant underlying index/security in the capital market segment of NSE, on the last trading day of the contract. The closing price of the underlying Index/security is currently its last half an hour weighted average value in the capital market segment of NSE.
Settlement of options contracts

Options contracts have three types of settlements, daily premium settlement, exercise settlement, interim exercise settlement in the case of option contracts on securities and final settlement. Daily premium settlement Buyer of an option is obligated to pay the premium towards the options purchased by him. Similarly, the seller of an option is entitled to receive the premium for the option sold by him. The premium payable amount and the premium receivable amount are netted to compute the net premium payable or receivable amount for each client for each option contract.
Exercise settlement
Although most option buyers and sellers close out their options positions by an offsetting closing transaction, an understanding of exercise can help an option buyer determine whether exercise might be more advantageous than an offsetting sale of the option. There is always a possibility of the option seller being assigned an exercise. Once an exercise of an option has been assigned to an option seller, the option seller is bound to fulfill his obligation (meaning, pay the cash settlement amount in the case of a cash-settled option) even though he may not yet have been notified of the assignment.
Interim exercise settlement

Interim exercise settlement takes place only for option contracts on securities. An investor can exercise his in-the-money options at any time during trading hours, through his trading member. Interim exercise settlement is effected for such options at the close of the trading hours, on the day of exercise. Valid exercised option contracts are assigned to short positions in the option contract with the same series (i.e. having the same underlying, same expiry date and same strike price), on a random basis, at the client level. The CM who has exercised the option

receives the exercise settlement value per unit of the option from the CM who has been assigned the option contract.
Final exercise settlement

Final exercise settlement is effected for all open long inthemoney strike price options existing at the close of trading hours, on the expiration day of an option contract. All such long positions are exercised and automatically assigned to short positions in option contracts with the same series, on a random basis. The investor who has long inthemoney options on the expiry date will receive the exercise settlement value per unit of the option from the investor who has been assigned the option contract.
Exercise process
The period during which an option is exercisable depends on the style of the option. On NSE, index options are European style, i.e. options are only subject to automatic exercise on the expiration day, if they are in themoney. As compared to this, options on securities are American style. In such cases, the exercise is automatic on the expiration day, and voluntary prior to the expiration day of the option contract, provided they are inthemoney. Automatic exercise means that all inthemoney options would be exercised by NSCCL on the expiration day of the contract. The buyer of such options need not give an exercise notice in such cases. Voluntary exercise means that the buyer of an inthe money option can direct his TM/CM to give exercise instructions to NSCCL. In order to ensure that an option is exercised on a particular day, the buyer must direct his TM to exercise before the cut-off time for accepting exercise instructions for that day. Usually, the exercise orders will be accepted by the system till the close of trading hours. Different TMs may have different cutoff times for accepting exercise instructions from customers, which may vary for different options. An option, which expires unexercised becomes worthless. Some TMs may accept standing instructions to exercise, or have procedures for the exercise of every option, which is inthemoney at expiration. Once an exercise instruction is given by a CM to NSCCL, it cannot ordinarily be revoked. Exercise notices given by a buyer at anytime on a day are processed by NSCCL after the close of trading hours on that day. All exercise notices received by NSCCL from the NEAT F&O system are processed to determine their validity. Some basic validation checks are carried out to check the open buy position of the exercising client/TM and if option contract is inthemoney. Once exercised contracts are found valid, they are assigned.
Assignment process

The exercise notices are assigned in standardized market lots to short positions in the option contract with the same series (i.e. same underlying, expiry date and strike price) at the client level. Assignment to the short positions is done on a random basis. NSCCL determines short positions, which are eligible to be assigned and then allocates the exercised positions to any one or more short positions. Assignments are made at the end of the trading day on which exercise instruction is received by NSCCL and notified to the members on the same day. It is possible that an option seller may not receive notification from its TM that an exercise has been assigned to him until the next day following the date of the assignment to the CM by NSCCL.
Exercise settlement computation

In case of index option contracts, all open long positions at inthe money strike prices are automatically exercised on the expiration day and assigned to short positions in option contracts with the same series on a random basis. For options on securities, where exercise settlement may be interim or final, interim exercise for an open long inthemoney option position can be effected on any day till the expiry of the contract. Final exercise is automatically effected by NSCCL for all open long in themoney positions in the expiring month option contract, on the expiry day of the option contract. The exercise settlement price is the closing price of the underlying(index or security) on the exercise day(for interim exercise) or the expiry day of the relevant option contract(final exercise). The exercise settlement value is the difference between the strike price and the final settlement price of the relevant option contract. For call options, the exercise settlement value receivable by a buyer is the difference between the final settlement price and the strike price for each unit of the underlying conveyed by the option contract, while for put options it is difference between the strike price and the final settlement price for each unit of the underlying conveyed by the option contract. Settlement of exercises of options on securities is currently by payment in cash and not by delivery of securities. It takes place for in-the-money option contracts. The exercise settlement value for each unit of the exercised contract is computed as follows: Call options Closing price of the security on the day of exercise _ Strike price Put options Strike price _ Closing price of the security on the day of exercise For final exercise the closing price of the underlying security is taken on the expiration day The exercise settlement by NSCCL would ordinarily take place on 3rd day following the day of exercise. Members may ask for clients who have been assigned to pay the exercise settlement value earlier.

Special facility for settlement of institutional deals
NSCCL provides a special facility to Institutions/Foreign Institutional Investors (FIIs)/Mutual Funds etc. to execute trades through any TM, which may be cleared and settled by their own CM. Such entities are called custodial participants (CPs). To avail of this facility, a CP is required to register with NSCCL through his CM. A unique CP code is allotted to the CP by NSCCL. All trades executed by a CP through any TM are required to have the CP code in the relevant field on the trading system at the time of order entry. Such trades executed on behalf of a CP are confirmed by their own CM (and not the CM of the TM through whom the order is entered), within the time specified by NSE on the trade day though the on-line confirmation facility. Till such time the trade is confirmed by CM of concerned CP, the same is considered as a trade of the TM and the responsibility of settlement of such trade vests with CM of the TM. Once confirmed by CM of concerned CP, such CM is responsible for clearing and settlement of deals of such custodial clients. FIIs have been permitted to trade in all the exchange traded derivative contracts subject to compliance of the position limits prescribed for them and their sub-accounts, and compliance with the prescribed procedure for settlement and reporting. A FII/a sub-account of the FII, as the case may be, intending to trade in the F&O segment of the exchange, is required to obtain a unique Custodial Participant (CP) code allotted from the NSCCL. FIIs/subaccounts of FIIs which have been allotted a unique CP code by NSCCL are only permitted to trade on the F&O segment. The FII/subaccount of FII ensures that all orders placed by them on the Exchange carry the relevant CP code allotted by NSCCL.
3.13. Regulations Related to Derivatives:

Securities Contracts(Regulation) Act, 1956
SC(R)A aims at preventing undesirable transactions in securities by regulating the business of dealing therein and by providing for certain other matters connected therewith. This is the principal Act, which governs the trading of securities in India. The term securities has been defined in the SC(R)A. As per Section 2(h), the Securities include: 1. Shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate 2. Derivative 3. Units or any other instrument issued by any collective investment scheme to the investors in such schemes 4. Government securities 5. Such other instruments as may be declared by the Central Government to be securities 6. Rights or interests in securities. Derivative is defined to include: A security derived from a debt instrument, share, loan whether secured or unsecured, risk instrument or contract for differences or any other form of security A contract which derives its value from the prices, or index of prices, of underlying securities. Section 18A provides that notwithstanding anything contained in any other law for the time being in force, contracts in derivative shall be legal and valid if such contracts are: Traded on a recognized stock exchange Settled on the clearing house of the recognized stock exchange, in accordance with the rules and byelaws of such stock exchanges.
Securities and Exchange Board of India Act, 1992

SEBI Act, 1992 provides for establishment of Securities and Exchange Board of India(SEBI) with statutory powers for (a) protecting the interests of investors in securities (b) promoting the development of the securities market and (c) regulating the securities market. Its regulatory jurisdiction extends over corporates in the issuance of capital and transfer of securities, in addition to all intermediaries and persons

associated with securities market. SEBI has been obligated to perform the aforesaid functions by such measures as it thinks fit. In particular, it has powers for: regulating the business in stock exchanges and any other securities markets registering and regulating the working of stock brokers, sub brokers etc. promoting and regulating self-regulatory organizations prohibiting fraudulent and unfair trade practices calling for information from, undertaking inspection, conducting inquiries and audits of the stock exchanges, mutual funds and other persons associated with the securities market and intermediaries and selfregulatory organizations in the securities market performing such functions and exercising according to Securities Contracts (Regulation) Act, 1956, as may be delegated to it by the Central Government
Regulation for derivatives trading

SEBI set up a 24-member committee under the Chairmanship of Dr.L.C. Gupta to develop the appropriate regulatory framework for derivatives trading in India. The committee submitted its report in March 1998. On May 11, 1998 SEBI accepted the recommendations of the committee and approved the phased introduction of derivatives trading in India beginning with stock index futures. SEBI also approved the suggestive bye-laws recommended by the committee for regulation and control of trading and settlement of derivatives contracts. The provisions in the SC(R)A and the regulatory framework developed thereunder govern trading in securities. The amendment of the SC(R)A to include derivatives within the ambit of securities in the SC(R)A made trading in derivatives possible within the framework of that Act. 1. Any Exchange fulfi lling the eligibility criteria as prescribed in the LC Gupta committee report may apply to SEBI for grant of recognition under Section 4 of the SC(R)A, 1956 to start trading derivatives. The derivatives exchange/segment should have a separate governing council and representation of trading/clearing members shall be limited to maximum of 40% of the total members of the governing council. The exchange shall regulate the sales practices o its members and will obtain prior approval of SEBI before start of trading in any derivative contract. 2. The Exchange shall have minimum 50 members. 3. The members of an existing segment of the exchange will not automatically become the members of derivative segment. The

members of the derivative segment need to fulfi ll the eligibility conditions as laid down by the LC Gupta committee. 4. The clearing and settlement of derivatives trades shall be through a SEBI approved clearing corporation/house. Clearing corporations/houses complying with the eligibility conditions as laid down by the committee have to apply to SEBI for grant of approval. 5. Derivative brokers/dealers and clearing members are required to seek registration from SEBI. This is in addition to their registration as brokers of existing stock exchanges. The minimum networth for clearing members of the derivatives clearing corporation/house shall be Rs.300 Lakh. The networth of the member shall be computed as follows: Capital + Free reserves Less non-allowable assets viz., (a) Fixed assets (b) Pledged securities (c) Members card (d) Non-allowable securities(unlisted securities) (e) Bad deliveries (f) Doubtful debts and advances (g) Prepaid expenses (h) Intangible assets (i) 30% marketable securities 6. The minimum contract value shall not be less than Rs.2 Lakh. Exchanges should also submit details of the futures contract they propose to introduce. 7. The initial margin requirement, exposure limits linked to capital adequacy and margin demands related to the risk of loss on the position shall be prescribed by SEBI/Exchange from time to time. 8. The L.C.Gupta committee report requires strict enforcement of Know our customer rule and requires that every client shall be registered with the derivatives broker. The members of the derivatives segment are also required to make their clients aware of the risks involved in derivatives trading by issuing to the client the Risk Disclosure Document and obtain a copy of the same duly signed by the client. 9. The trading members are required to have qualifi ed approved user and sales person who have passed a certifi cation programme approved by SEBI.
Regulation for clearing and settlement

1. The LC Gupta committee has recommended that the clearing corporationmust perform full novation, i.e. the clearing corporation should interpose itself between both legs of every trade, becoming the legal counterparty to both or alternatively should provide an unconditional guarantee for settlement of all trades.

2. The clearing corporation should ensure that none of the Board members has trading interests. 3. The defi nition of net-worth as prescribed by SEBI needs to be incorporated in the application/regulations of the clearing corporation. 4. The regulations relating to arbitration need to be incorporated in the clearing corporations regulations. 5. Specifi c provision/chapter relating to declaration of default must be incorporated by the clearing corporation in its regulations. 6. The regulations relating to investor protection fund for the derivatives market must be included in the clearing corporation application/regulations. 7. The clearing corporation should have the capabilities to segregate upfront/initial margins deposited by clearing members for trades on their own account and on account of his clients. The clearing corporation shall hold the clients margin money in trust for the clients purposes nly and should not allow its diversion for any other purpose. This condition must be incorporated in the clearing corporation regulations. 8. The clearing member shall collect margins from his constituents (clients/trading members). He shall clear and settle deals in derivative contracts on behalf of the constituents only on the receipt of such minimum margin. 9. Exposure limits based on the value at risk concept will be used and the exposure limits will be continuously monitored. These shall be within the limits prescribed by SEBI from time to time. 10. The clearing corporation must lay down a procedure for periodic review of the networth of its members. 11. The clearing corporation must inform SEBI how it proposes to monitor the exposure of its members in the underlying market. 12. Any changes in the the bye-laws, rules or regulations which are covered under the Suggestive byelaws for regulations and control of trading and settlement of derivatives contracts would require prior approval of SEBI. Table 12.1 Eligibility criteria for membership on F&O segment Particulars (all values in Rs.Lakh) CM and F&O segment CM, WDM and segment Net worth (1) 100 200 Interest free security Deposit (IFSD)(2) 125 275 Collateral security Deposit (CSD) (3) 25 25 Annual subscription 1 2
F&O

1: No additional networth is required for self clearing members. However, a networth of Rs. 300 Lakh is required for TMCM and PCM. 2 & 3: Additional Rs. 25 Lakh is required for clearing membership(SCM,TMCM). In addition, the clearing member is required to bring in IFSD of Rs.2 Lakh and CSD of Rs.8 lakh per trading member he undertakes to clear and settle.
Regulation for membership

The eligibility criteria for membership on the F&O segment are as given in Table 12.1. Table 12.2 gives the requirements for professional clearing membership. As mentioned earlier, anybody interested in taking membership of F&O segment is required to take membership of CM and F&O segment or CM,WDM and F&O segment. An existing member of CM segment can also take membership of F&O segment. A trading member can also be a clearing member by meeting additional requirements. There can also be only clearing members. Table 12.2 Requirements for professional clearing membership Particulars (all values in Rs.Lakh) F&O segment CM & F&O segment Eligibility Trading members of Trading members of NSE/SEBI registered NSE/SEBI registered custodians/recognized custodians/recognized banks banks Networth 300 300 Interest free security 25 34 deposit (IFSD) Collateral security 25 50 deposit Annual subscription Nil 2.5 Note: The PCM is required to bring in IFSD of Rs.2 Lakh and CSD of Rs.8 Lakh per trading
4. Research Methodology
Research Methodology
4.1. Objectives of the study:
To study the derivatives market in India To study how derivatives market has evolved in India in the last few years. To understand how derivatives market work, how contract is executed, how settlement of a contract takes place, what are the different factor which had contributed to the success of derivatives in India. To Study the relationship of different derivatives parameters on Cash market on overall basis To Study the relationship of different derivatives parameters on Cash price of a particular share.
4.2. Scope of the Study:

Derivatives since its introduction have gained a lot of importance from the all segment of the society. Since the very beginning of it, players started finding out relationship between the Cash Market and the Derivatives Market. So in this project we had tried to understand the derivatives market in India along with that whats happening around the world over in the same market. We had tried to study the relationship between the Cash Market and different derivatives market parameters like Put call Ratio (open interest), Put call Ratio (volume), Volume Traded in derivatives Market, Open Interest The study will be helpful to those investor who tried to get some insight of the derivatives market and want to invest in cash market on the basis of it.
4.3. Data Collection:

The study examines one index option and four individual securities on National stock Exchange over the period from March 2003 to June 2004. One index option and four individual securities we have studied are: NIFTY (Index) ACC Reliance Satyam, and TISCO
The data of the stock prices as well as other derivatives market parameters taken are the closing data for each particular day of the study. The secondary data for the price and derivatives market was collected and filtered from the CD provided by the company and some missing data which were not available from the company were collected from the website of www.nseindia.com and www.bseindia.com The data for share price was also collected from Capitaline 2000.
4.4. Selection of Securities:

To study the relationship of derivatives and cash market we have selected one index i.e. NIFTY and four individual securities on which derivatives trading is allowed. Selection of the security for the study is purely based on the following grounds: Liquidity Contract traded in a particular day Continuation of security in F & O Segment Turnover over of a particular security in derivatives as a % of total derivatives turnover.
4.5. Analysis of Data:

For the purpose of analyzing data we have first put all the data collected in Excel Sheet and on the basis of that we had prepared different charts representing closing cash price of share or index and a particular derivative parameter. Then on the basis of chart we had tried to find out how a particular derivative parameter affect the cash price of securities being studied. The following excel sheets shows the list of data collected by us for the different shares cash price and different derivatives parameters like Put call Ratio (open interest), Put call Ratio (volume), Volume Traded in derivatives Market, Open Interest and after that various charts representing cash market and derivatives parameters are shown, on the basis of which we had arrived at conclusions.
4.6. Data Sheets & Charts
NIFTY
Closing price
Put Call Ratio
OI Volumes
Date A Project Study on Derivatives in India OI Call Put

2003 17-Mar 19-Mar 20-Mar 21-Mar 22-Mar 24-Mar 25-Mar 26-Mar 27-Mar 28-Mar 31-Mar 1-Apr 3-Apr 16-Apr 17-Apr 21-Apr 22-Apr 23-Apr 24-Apr 25-Apr 28-Apr 29-Apr 2-May 5-May 6-May 7-May 8-May 9-May 12-May 13-May 14-May 15-May 16-May 19-May 20-May 21-May 22-May 23-May 26-May 27-May 28-May 29-May 30-May 2-Jun 9-Jun 10-Jun 11-Jun 12-Jun 13-Jun 16-Jun 17-Jun 18-Jun 19-Jun 20-Jun 23-Jun 24-Jun 25-Jun 26-Jun 27-Jun 2-Jul 993.00 1004.30 1025.25 1031.00 1038.35 1013.25 1012.90 1013.85 1002.70 1000.60 978.20 984.30 1009.15 958.65 940.70 947.20 943.50 934.20 929.70 924.30 929.50 932.30 938.30 945.40 951.85 950.15 941.55 937.85 936.00 944.20 952.15 959.85 973.10 966.55 971.55 968.00 963.25 967.90 982.45 974.70 990.80 1002.60 1006.80 1015.15 1052.10 1037.80 1044.10 1051.30 1056.20 1051.80 1081.95 1086.75 1092.55 1100.25 1089.20 1085.35 1106.65 1116.35 1125.55 1133.80 1003.05 994.05 1021.80 1029.35 1036.70 1012.20 1012.05 1015.75 1003.00 1001.10 980.50 982.20 1007.10 958.60 941.05 947.65 944.25 934.05 930.45 929.15 934.25 930.30 938.05 945.85 949.60 947.00 937.15 934.65 933.00 944.20 952.00 959.80 970.50 965.25 971.35 964.60 962.65 969.60 984.60 974.80 989.20 1001.80 999.35 1009.20 1042.00 1031.00 1039.35 1044.05 1045.65 1040.30 1070.80 1074.75 1080.85 1096.05 1085.55 1086.75 1111.55 1104.40 1113.50 1131.00 0.44 0.48 0.51 0.56 0.58 0.54 0.51 0.52 0.51 0.56 0.57 0.58 0.61 0.39 0.36 0.36 0.37 0.36 0.36 0.39 0.38 0.38 0.42 0.45 0.44 0.48 0.48 0.48 0.49 0.52 0.58 0.64 0.77 0.85 0.85 0.86 0.84 0.86 0.89 0.92 0.94 0.94 0.70 0.82 1.12 1.04 1.01 1.04 1.05 1.03 1.18 1.16 1.17 1.26 1.18 1.19 1.28 1.28 0.75 0.77 0.84 0.67 0.72 0.56 0.41 0.54 1.02 0.70 0.79 0.80 0.52 0.59 0.52 0.61 0.51 0.51 0.74 0.49 0.55 0.48 0.53 0.39 0.74 0.59 0.43 0.44 0.63 0.58 0.62 0.67 0.60 0.63 0.65 0.49 0.62 0.36 0.65 0.39 0.55 0.72 0.60 0.60 0.63 0.75 0.73 0.62 0.55 0.70 0.67 0.58 0.62 0.43 0.69 0.69 0.65 0.95 0.67 0.42 0.44 0.55 3726600 3554000 3452200 3300600 3343600 3196000 3113000 3223200 3351800 2336400 2514800 2539800 2536600 3758000 4087600 4087600 4012600 4236400 4282800 3288000 3836400 3967000 4041400 4077000 4120800 3970600 4234200 4118600 4092200 4004200 3875400 3635000 3528800 3193400 3290000 3331400 3314000 3225400 3160800 3090200 3300800 3458400 2076000 2081200 3273400 3501200 3507200 3568400 3556000 3461400 3560400 3635200 3621000 3840600 3835800 3805600 3996400 3846000 2831200 3723800 2012000 2026400 2019000 1993400 1972600 2063200 2133800 2167000 2283200 625200 802000 942200 1135000 2092800 2242400 2242400 2329600 2429200 2705800 938400 1207000 1395000 1546200 1594800 1721600 1696600 1796200 1879400 1937400 1963800 2097200 2100800 2043000 1928800 1966200 1959400 2007600 2017600 1996200 2027200 2081400 2081400 739800 865600 1115200 1258400 1334200 1360400 1377800 1417400 1404800 1538400 1588000 1579200 1767600 1837400 1820800 1912800 750200 1223400 885800 968000 1037000 1113000 1152200 1115400 1092600 1123600 1168600 350600 453800 548200 695400 809400 801400 801400 854400 870800 983400 363400 459000 531600 651400 713200 759000 814400 853800 901600 945000 1023000 1220600 1340800 1577200 1635200 1672600 1681000 1693600 1727800 1771000 1869200 1952800 1952800 520400 712400 1253000 1307400 1352000 1416200 1450600 1464200 1656800 1783600 1858800 1993000 2079200 2183800 2330600 2443800 561000 942000
Cas h
F& O
Volu me
Futur e
Total
6624400 6548400 6508200 6407000 6468400 6374600 6339400 6513800 6803600 3312200 3770600 4030200 4367000 6660200 7131400 7131400 7196600 7536400 7972000 4589800 5502400 5893600 6239000 6385000 6601400 6481600 6884200 6899600 6974600 6991000 7193200 7076600 7149000 6757400 6928800 6971800 7015200 6970800 6928000 6986600 7335000 7492600 3336200 3659200 5641600 6067000 6193400 6345000 6384400 6343000 6622000 6957200 7067800 7412800 7682600 7826800 8147800 8202600 4142400 5889200
OI Rs. Cr.
639.00 651.00 655.00 660.56 647.00 645.91 642.12 660.40 682.20 331.42 368.84 396.69 440.70 638.48 670.85 675.49 679.00 704.05 741.16 424.24 511.45 549.46 585.41 603.64 628.35 615.85 648.18 647.08 652.82 660.09 684.90 679.25 695.67 653.14 673.17 674.87 675.74 674.70 680.64 680.98 726.75 751.21 335.89 371.46 593.55 629.63 646.65 667.05 674.32 667.16 716.47 756.07 772.19 815.59 836.79 849.48 901.68 915.70 466.25 667.72
ACC
Closing price Put Call Ratio OI Volumes
Date
2003 17-Mar 19-Mar 20-Mar 21-Mar 22-Mar 24-Mar 25-Mar 26-Mar 27-Mar 28-Mar 31-Mar 1-Apr 3-Apr 16-Apr 17-Apr 21-Apr 22-Apr 23-Apr 24-Apr 25-Apr 28-Apr
Cas h
139.35 132.65 135.80 138.35 139.05 134.35 134.95 138.50 139.50 138.70 138.50 139.80 139.05 136.75 137.40 134.55 134.15 133.60 131.10 128.00 128.45
F& O
141.40 139.45 136.00 138.50 139.25 134.90 135.15 138.35 138.75 138.95 138.35 139.40 139.55 137.15 137.25 134.65 134.85 133.75 131.05 128.95 129.20
OI
0.28 0.26 0.25 0.25 0.24 0.25 0.25 0.25 0.27 0.28 0.32 0.32 0.37 0.31 0.30 0.30 0.32 0.29 0.23 0.24 0.29
Volum e
0.73 0.51 0.62 0.39 0.17 1.28 1.28 0.61 0.94 0.36 0.39 0.32 0.36 0.37 0.43 0.43 0.48 0.57 0.83 0.67 0.43
Futur e
1582500 1783500 1768500 1647000 1617000 1585500 1645500 1536000 1455000 1083000 1078500 1146000 1222500 1224000 1153500 1153500 1407000 1396500 1710000 1776000 1962000
Call
1281000 1380000 1441500 1440000 1455000 1453500 1491000 1500000 1582500 316500 367500 480000 529500 898500 901500 901500 1011000 1026000 1183500 0 688500
Put
352500 357000 354000 354000 348000 367500 376500 375000 424500 90000 117000 153000 193500 274500 274500 274500 322500 301500 274500 0 196500
Total
3216000 3520500 3564000 3441000 3420000 3406500 3513000 3411000 3462000 1489500 1563000 1779000 1945500 2397000 2329500 2329500 2740500 2724000 3168000 1776000 2847000
OI in Rs. Crore s
30.00 38.00 42.00 47.61 46.60 45.77 47.41 47.24 47.93 20.66 21.65 24.87 27.05 32.78 32.01 31.34 36.76 36.39 41.53 22.73 36.57

29-Apr 2-May 5-May 6-May 7-May 8-May 9-May 12-May 13-May 14-May 15-May 16-May 19-May 20-May 21-May 22-May 23-May 26-May 27-May 28-May 29-May 30-May 2-Jun 9-Jun 10-Jun 11-Jun 12-Jun 13-Jun 16-Jun 17-Jun 18-Jun 19-Jun 20-Jun 23-Jun 24-Jun 25-Jun 26-Jun 27-Jun 2-Jul 3-Jul 4-Jul 7-Jul 8-Jul 9-Jul 10-Jul 11-Jul 14-Jul 15-Jul 16-Jul 17-Jul 18-Jul 21-Jul 22-Jul 23-Jul 129.50 130.45 132.05 133.75 132.30 130.10 129.45 129.45 131.25 132.05 134.20 133.35 133.00 133.20 135.60 135.55 135.70 140.50 140.85 140.55 146.30 145.55 149.45 151.90 147.25 147.85 147.75 147.30 145.70 153.65 160.90 160.40 158.45 156.55 157.05 165.35 167.80 170.70 165.05 168.55 168.75 169.90 170.15 167.25 174.90 172.25 179.25 181.95 181.95 177.55 174.50 174.30 167.10 165.30 130.20 130.90 132.65 134.15 132.75 130.60 129.85 130.00 131.65 133.00 134.55 133.85 133.35 133.70 135.90 135.90 136.35 140.80 140.85 140.65 145.65 146.45 149.90 153.00 148.30 148.80 148.75 148.25 146.60 153.85 160.80 160.00 158.95 156.90 157.50 165.65 167.05 170.00 167.00 171.00 170.55 171.30 171.75 171.75 176.25 174.05 180.90 183.75 183.75 178.75 176.00 174.90 167.85 165.85 0.30 0.43 0.41 0.41 0.41 0.41 0.41 0.41 0.41 0.42 0.41 0.40 0.40 0.38 0.40 0.40 0.39 0.44 0.49 0.48 0.48 0.21 0.22 0.26 0.27 0.25 0.26 0.25 0.25 0.28 0.46 0.48 0.47 0.46 0.45 0.47 0.50 0.24 0.25 0.26 0.26 0.27 0.29 0.29 0.31 0.31 0.35 0.39 0.39 0.39 0.36 0.36 0.32 0.31 0.38 0.61 0.57 0.25 0.27 0.30 0.49 0.58 0.37 0.36 0.39 0.21 0.16 0.28 0.15 0.15 0.21 0.17 0.19 0.12 0.12 0.22 0.16 0.19 0.17 0.16 0.08 0.11 0.20 0.28 0.33 0.53 0.38 0.34 0.20 0.20 0.26 0.22 0.20 0.19 0.19 0.26 0.17 0.17 0.19 0.23 0.21 0.25 0.25 0.24 0.31 0.24 0.54 0.47 2077500 2247000 2289000 2325000 2182500 2310000 2382000 2421000 2403000 2301000 2137500 2223000 2425500 2508000 2329500 2227500 2338500 2472000 2490000 2454000 2628000 2046000 1984500 2292000 2440500 2451000 2514000 2667000 2752500 2356500 2094000 2025000 2013000 2142000 2106000 2406000 2488500 1992000 2155500 2004000 2104500 1947000 1753500 1753500 1816500 1884000 2037000 2017500 2017500 2223000 2335500 2241000 2293500 2257500 814500 1099500 1155000 1155000 1236000 1368000 1483500 1510500 1528500 1506000 1515000 1524000 1531500 1557000 1551000 1572000 1585500 1543500 1564500 1602000 1602000 861000 948000 1327500 1482000 1581000 1611000 1701000 1768500 1615500 1441500 1485000 1528500 1575000 1630500 1653000 1638000 693000 1425000 1425000 1479000 1513500 1546500 1546500 1599000 1686000 1645500 1749000 1749000 1873500 2004000 2098500 2181000 2239500 243000 472500 475500 474000 510000 567000 613500 619500 625500 628500 621000 612000 609000 597000 615000 636000 625500 679500 760500 771000 771000 177000 210000 351000 399000 402000 411000 423000 445500 453000 661500 720000 715500 721500 732000 778500 826500 169500 354000 364500 385500 403500 442500 442500 499500 523500 568500 678000 678000 723000 726000 754500 700500 696000 3135000 3819000 3919500 3954000 3928500 4245000 4479000 4551000 4557000 4435500 4273500 4359000 4566000 4662000 4495500 4435500 4549500 4695000 4815000 4827000 5001000 3084000 3142500 3970500 4321500 4434000 4536000 4791000 4966500 4425000 4197000 4230000 4257000 4438500 4468500 4837500 4953000 2854500 3934500 3793500 3969000 3864000 3742500 3742500 3915000 4093500 4251000 4444500 4444500 4819500 5065500 5094000 5175000 5193000 40.60 49.82 51.76 52.88 51.97 55.23 57.98 58.91 59.81 58.57 57.35 58.13 60.73 62.10 60.96 60.12 61.74 65.96 67.82 67.84 73.16 44.89 46.96 60.31 63.63 65.56 67.02 70.57 72.36 67.99 67.53 67.85 67.45 69.48 70.18 79.99 83.11 48.73 64.94 63.94 66.98 65.65 63.68 62.59 68.47 70.51 76.20 80.87 80.87 85.57 88.39 88.79 86.47 85.84

28-Jul 29-Jul 1-Aug 4-Aug 5-Aug 6-Aug 7-Aug 8-Aug 11-Aug 12-Aug 13-Aug 14-Aug 18-Aug 19-Aug 20-Aug 21-Aug 22-Aug 25-Aug 26-Aug 27-Aug 28-Aug 29-Aug 1-Sep 2-Sep 3-Sep 4-Sep 5-Sep 8-Sep 9-Sep 10-Sep 11-Sep 12-Sep 15-Sep 16-Sep 17-Sep 18-Sep 19-Sep 22-Sep 23-Sep 24-Sep 25-Sep 26-Sep 29-Sep 30-Sep 1-Oct 3-Oct 6-Oct 7-Oct 8-Oct 9-Oct 10-Oct 13-Oct 14-Oct 15-Oct 179.15 185.90 202.15 203.75 194.75 197.90 200.20 205.85 206.25 202.35 209.20 206.35 209.20 215.15 217.35 218.35 217.50 205.35 213.70 213.80 204.95 212.45 217.25 220.75 213.55 212.10 215.95 217.65 214.60 215.55 214.15 207.55 196.10 199.60 191.15 182.70 183.45 189.40 190.25 198.70 193.55 196.35 201.45 203.40 200.85 206.55 210.85 211.15 213.25 206.95 203.50 208.35 203.55 204.55 179.60 186.40 204.10 206.10 196.70 200.10 202.35 207.45 207.85 203.75 210.50 208.15 211.50 217.35 218.95 219.75 218.40 207.55 214.75 214.30 204.95 217.60 221.10 223.75 215.80 214.50 218.55 220.15 216.85 218.00 216.60 209.35 197.40 201.10 191.95 183.10 183.80 189.60 190.90 198.85 1363.35 198.75 204.35 205.30 202.50 208.35 212.70 212.35 214.95 208.80 205.25 210.40 204.65 205.55 0.39 0.44 0.49 0.49 0.41 0.45 0.42 0.51 0.54 0.49 0.53 0.56 0.57 0.58 0.57 0.59 0.59 0.57 0.59 0.57 0.54 0.23 0.26 0.33 0.33 0.33 0.33 0.32 0.32 0.32 0.31 0.29 0.28 0.27 0.25 0.24 0.23 0.19 0.20 0.21 0.21 0.20 0.20 0.21 0.21 0.20 0.22 0.21 0.21 0.22 0.21 0.21 0.20 0.20 0.27 0.25 0.29 0.24 0.33 0.33 0.28 0.31 0.24 0.25 0.40 0.38 0.25 0.25 0.26 0.22 0.23 0.40 0.24 0.22 0.40 0.19 0.19 0.26 0.24 0.18 0.17 0.16 0.20 0.24 0.16 0.18 0.27 0.25 0.23 0.24 0.23 0.18 0.14 0.17 0.19 0.16 0.14 0.18 0.15 0.07 0.09 0.10 0.11 0.15 0.11 0.15 0.11 0.12 2529000 3001500 2803500 3120000 3688500 3511500 3822000 4327500 4656000 5014500 4914000 5505000 6043500 6292500 6190500 6579000 6750000 6109500 6235500 6556500 7809000 6628500 7134000 7069500 7270500 7329000 7723500 7872000 8040000 8164500 8581500 8820000 8673000 8499000 8710500 8764500 8596500 8449500 9133500 8677500 9781500 8472000 8760000 8760000 9195000 9193500 9391000 9211500 8815500 9579000 10203000 10237500 10074000 9579000 2113500 1959000 595500 769500 1156500 1251000 1398000 1470000 1494000 1680000 1753500 1864500 1932000 2218500 2337000 2416500 2488500 2619000 2640000 2680500 2914500 1147500 1425000 1530000 1795500 1989000 2107500 2271000 2340000 2419500 2509500 2776500 3129000 3265500 3547500 3745500 3877500 3969000 4128000 4059000 4225500 1234500 1435500 1564500 1794000 1998000 2047500 2307000 2623500 2749500 2952000 3139500 3325500 3375000 829500 867000 292500 373500 474000 559500 583500 748500 808500 819000 933000 1048500 1104000 1284000 1333500 1414500 1467000 1485000 1545000 1530000 1570500 268500 373500 511500 597000 660000 687000 735000 748500 778500 783000 795000 864000 873000 879000 882000 889500 769500 814500 835500 871500 246000 286500 330000 369000 391500 445500 484500 549000 604500 613500 673500 672000 688500 5472000 5827500 3691500 4263000 5319000 5322000 5803500 6546000 6958500 7513500 7600500 8418000 9079500 9795000 9861000 10410000 10705500 10213500 10420500 10767000 12294000 8044500 8932500 9111000 9663000 9978000 10518000 10878000 11128500 11362500 11874000 12391500 12666000 12637500 13137000 13392000 13363500 13188000 14076000 13572000 14878500 9952500 10482000 10654500 11358000 11583000 11784000 12003000 11988000 12933000 13768500 14050500 14071500 13642500 98.03 108.33 74.62 86.86 103.59 105.32 116.19 134.75 143.52 152.04 159.00 173.71 189.94 210.74 214.33 227.30 232.84 209.73 222.69 230.20 251.97 170.91 194.06 201.13 206.35 211.63 227.14 236.76 238.82 244.92 254.28 257.19 248.38 252.24 251.11 244.67 245.15 249.78 267.80 269.68 287.97 195.42 211.16 216.71 228.13 239.25 248.47 253.44 255.64 267.65 280.19 292.74 286.43 279.06

16-Oct 17-Oct 20-Oct 21-Oct 22-Oct 23-Oct 24-Oct 25-Oct 27-Oct 28-Oct 29-Oct 30-Oct 31-Oct 3-Nov 4-Nov 5-Nov 6-Nov 7-Nov 10-Nov 11-Nov 12-Nov 13-Nov 14-Nov 15-Nov 17-Nov 18-Nov 19-Nov 20-Nov 21-Nov 24-Nov 25-Nov 26-Nov 28-Nov 1-Dec 2-Dec 3-Dec 4-Dec 5-Dec 8-Dec 9-Dec 10-Dec 11-Dec 12-Dec 15-Dec 16-Dec 17-Dec 18-Dec 19-Dec 22-Dec 23-Dec 24-Dec 26-Dec 29-Dec 30-Dec 211.95 217.10 210.16 199.20 198.30 197.10 199.20 205.80 205.55 201.60 203.30 204.75 213.15 227.70 234.45 233.45 234.25 229.95 229.70 241.95 235.70 229.25 223.50 227.70 230.10 225.05 219.95 219.60 220.85 220.15 220.00 219.15 226.45 230.55 234.10 232.80 232.00 225.85 218.10 223.30 222.60 221.85 226.55 228.10 225.95 224.80 227.65 231.05 231.85 232.00 231.60 249.35 251.60 242.35 213.20 218.50 211.75 199.80 198.75 197.65 200.60 206.60 206.05 201.90 203.95 205.00 215.75 229.80 236.10 236.05 237.00 232.60 232.40 243.95 237.90 230.45 224.60 229.25 231.70 226.15 221.05 220.10 221.65 220.45 220.55 1606.35 229.30 232.50 235.70 236.15 234.00 227.60 220.40 225.40 224.05 223.15 228.20 229.45 227.00 225.65 229.55 232.05 232.85 232.55 231.40 253.35 254.90 245.25 0.22 0.24 0.24 0.24 0.22 0.22 0.21 0.22 0.21 0.21 0.20 0.21 0.12 0.17 0.18 0.17 0.17 0.17 0.20 0.21 0.20 0.20 0.19 0.20 0.20 0.19 0.19 0.18 0.19 0.19 0.19 0.20 0.15 0.16 0.19 0.21 0.22 0.21 0.21 0.22 0.22 0.21 0.21 0.22 0.24 0.24 0.22 0.23 0.24 0.25 0.26 0.24 0.25 0.26 0.15 0.14 0.13 0.16 0.21 0.14 0.19 0.09 0.19 0.20 0.19 0.12 0.10 0.12 0.12 0.13 0.13 0.19 0.30 0.12 0.21 0.19 0.14 0.10 0.16 0.15 0.21 0.14 0.19 0.14 0.20 0.20 0.14 0.13 0.12 0.14 0.13 0.17 0.22 0.20 0.19 0.29 0.15 0.25 0.22 0.19 0.13 0.17 0.16 0.14 0.21 0.18 0.15 0.15 9144000 9144000 8911500 8661000 8700000 8535000 8775000 8739000 8778000 8710500 8848500 9603000 8746500 8677500 8881500 8061000 8077500 8272500 5188800 9024000 8610000 8415000 8050500 8154000 8130000 8097000 8121000 7960500 8187000 8376000 8913000 9915000 8917500 8707500 8232000 7996500 8173500 8010000 8535000 9048000 9249000 9127500 9096000 8950500 9337500 9343500 10369500 9931500 9681000 10023000 10843500 9649500 9196500 9714000 3679500 118800 3756000 3603000 3763500 3820500 3873000 3897000 3892500 3927000 3930000 3979500 1929000 2268000 2779500 3042000 3132000 3171000 2249400 3306000 3375000 3426000 3612000 3636000 3640500 3708000 3870000 3978000 4044000 3952500 4006500 4252500 1119000 1371000 1477500 1473000 1530000 1689000 1981500 2059500 2152500 2194500 2235000 2260500 2367000 2487000 2547000 2578500 2667000 2724000 2901000 1428000 1648500 1999500 820500 19200 912000 859500 838500 829500 822000 843000 826500 816000 790500 850500 229500 393000 513000 517500 529500 553500 253000 702000 670500 685500 696000 709500 711000 723000 723000 735000 754500 733500 750000 832500 171000 225000 274500 306000 330000 354000 414000 445500 472500 471000 466500 507000 559500 585000 573000 604500 652500 685500 751500 339000 418500 526500 13644000 13699500 13579500 13123500 13302000 13185000 13470000 13479000 13497000 13453500 13569000 14433000 10905000 11338500 12174000 11620500 11739000 11997000 7691200 13032000 12655500 12526500 12358500 12499500 12481500 12528000 12714000 12673500 12985500 13062000 13669500 15000000 10207500 10303500 9984000 9775500 10033500 10053000 10930500 11553000 11874000 11793000 11797500 11718000 12264000 12415500 13489500 13114500 13000500 13432500 14496000 11416500 11263500 12240000 289.18 297.42 285.37 261.42 263.78 259.88 268.32 277.40 277.43 271.22 275.86 295.52 232.44 258.18 285.42 271.28 274.99 275.87 284.46 315.31 298.29 287.17 276.21 284.61 287.20 281.94 279.64 278.31 286.78 287.56 300.73 328.73 231.15 237.55 233.73 227.57 232.78 227.05 238.39 257.98 264.32 261.63 267.27 267.29 277.11 279.10 307.09 303.01 301.42 311.63 335.73 284.67 283.39 296.64

31-Dec 14-Jan 15-Jan 19-Jan 20-Jan 21-Jan 22-Jan 27-Jan 28-Jan 29-Jan 4-Feb 5-Feb 6-Feb 9-Feb 11-Feb 12-Feb 13-Feb 16-Feb 17-Feb 18-Feb 19-Feb 20-Feb 23-Feb 24-Feb 25-Feb 26-Feb 27-Feb 1-Mar 3-Mar 4-Mar 5-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 22-Mar 23-Mar 24-Mar 25-Mar 26-Mar 29-Mar 30-Mar 31-Mar 1-Apr 2-Apr 5-Apr 6-Apr 7-Apr 244.90 269.80 260.40 255.30 251.00 241.55 229.80 260.25 257.75 259.65 255.45 254.55 256.45 266.85 274.65 269.45 272.10 272.05 273.90 269.60 262.50 260.65 252.30 256.60 250.95 246.85 259.10 263.85 269.60 263.85 272.95 277.20 273.10 265.20 256.20 256.20 247.90 245.85 248.20 245.60 248.20 240.60 243.05 241.75 245.05 255.50 255.30 250.30 254.65 261.65 264.65 263.75 258.25 259.55 248.15 273.40 262.35 256.65 251.15 240.70 228.70 260.30 258.80 260.30 256.45 254.50 257.20 268.15 275.75 270.25 273.20 273.10 274.95 270.10 263.20 261.00 252.60 257.00 251.30 247.95 260.95 265.10 270.50 264.45 274.40 278.90 274.45 266.45 256.90 256.90 248.45 246.00 248.80 245.00 248.25 239.20 241.30 241.80 244.05 254.35 254.65 249.90 255.35 262.25 265.70 264.55 259.30 260.65 0.26 0.24 0.23 0.22 0.22 0.22 0.21 0.21 0.24 0.24 0.18 0.19 0.24 0.30 0.36 0.35 0.36 0.35 0.33 0.33 0.33 0.33 0.32 0.31 0.32 0.30 0.20 0.24 0.30 0.25 0.26 0.28 0.26 0.22 0.21 0.21 0.22 0.20 0.21 0.21 0.21 0.21 0.23 0.23 0.24 0.28 0.27 0.28 0.30 0.32 0.30 0.31 0.31 0.30 0.16 0.11 0.16 0.24 0.14 0.21 0.28 0.19 0.25 0.24 0.15 0.19 0.22 0.34 0.32 0.25 0.20 0.34 0.15 0.30 0.20 0.23 0.58 0.42 0.26 0.41 0.17 0.30 0.19 0.40 0.16 0.22 0.26 0.34 0.21 0.21 0.27 0.32 0.34 0.30 0.35 0.31 0.40 0.50 0.25 0.24 0.50 0.14 0.16 0.17 0.23 0.27 0.33 0.36 9702000 8533500 8553000 8272500 8169000 7647000 7195500 6594000 6882000 7377000 5518500 5620500 5683500 5694000 6342000 6009000 6084000 6408000 6508500 8004000 6895500 6517500 6378000 6204000 6064500 6279000 5367000 5217000 5298000 5079000 5466000 5871000 5817000 5823000 5487000 5487000 5364000 5239500 5095500 5071500 5073000 5143500 4797000 4789500 4716000 4540500 4459500 4401000 4389000 4452000 4464000 4533000 4948500 4990500 2212500 3118500 3208500 3367500 3456000 3483000 3459000 3243000 3028500 3097500 1330500 1374000 1413000 1378500 1555500 1659000 1699500 1782000 1893000 2016000 2035500 2053500 2100000 2115000 2125500 2275500 648000 805500 1029000 1090500 1183500 1281000 1408500 1620000 1840500 1840500 2005500 2097000 2064000 2116500 2179500 2224500 2317500 2355000 2388000 585000 637500 712500 727500 780000 811500 831000 867000 886500 585000 745500 738000 733500 777000 754500 718500 694500 712500 754500 237000 261000 339000 412500 562500 574500 613500 618000 624000 672000 681000 667500 678000 652500 676500 690000 129000 196500 304500 270000 309000 363000 369000 354000 390000 390000 445500 424500 433500 441000 453000 462000 537000 544500 568500 162000 169500 202500 217500 252000 243000 255000 268500 265500 12499500 12397500 12499500 12373500 12402000 11884500 11373000 10531500 10623000 11229000 7086000 7255500 7435500 7485000 8460000 8242500 8397000 8808000 9025500 10692000 9612000 9238500 9156000 8971500 8866500 9244500 6144000 6219000 6631500 6439500 6958500 7515000 7594500 7797000 7717500 7717500 7815000 7761000 7593000 7629000 7705500 7830000 7651500 7689000 7672500 5287500 5266500 5316000 5334000 5484000 5518500 5619000 6084000 6142500 306.11 328.60 337.24 315.90 311.29 287.07 261.35 274.08 273.81 291.56 181.01 184.69 190.68 199.74 232.35 222.09 228.48 239.62 247.21 288.26 252.32 240.80 231.01 230.21 222.50 228.20 159.19 164.09 178.79 169.91 189.93 208.32 207.41 206.78 197.72 197.72 193.73 190.80 188.46 187.37 191.25 188.39 185.97 185.88 188.01 135.10 134.45 133.06 135.83 143.49 146.05 148.20 157.12 159.43

8-Apr 12-Apr 13-Apr 15-Apr 16-Apr 17-Apr 19-Apr 20-Apr 21-Apr 22-Apr 23-Apr 27-Apr 28-Apr 29-Apr 30-Apr 3-May 4-May 5-May 6-May 7-May 10-May 11-May 12-May 13-May 14-May 17-May 18-May 19-May 20-May 21-May 24-May 25-May 26-May 27-May 28-May 31-May 1-Jun 2-Jun 3-Jun 4-Jun 7-Jun 8-Jun 9-Jun 10-Jun 11-Jun 263.00 264.30 267.40 274.10 278.70 276.65 271.10 268.00 276.65 284.35 286.90 267.05 269.95 274.55 280.10 271.75 285.70 289.80 289.65 284.25 274.65 267.35 277.05 280.65 267.50 244.20 253.25 257.70 255.35 254.70 261.90 261.30 258.80 256.85 249.45 237.05 245.20 249.25 241.95 243.00 243.90 247.90 245.40 247.25 245.40 261.65 262.75 267.05 272.15 275.35 274.90 266.90 266.80 275.75 284.30 287.50 267.95 270.40 273.90 279.90 271.95 285.35 289.55 289.95 284.40 275.25 266.25 274.30 277.70 263.75 235.00 252.35 257.35 254.35 254.15 254.15 260.35 258.40 256.15 244.85 235.65 242.55 247.25 237.75 241.10 241.55 244.40 243.35 244.85 240.75 0.31 0.32 0.34 0.35 0.40 0.42 0.38 0.39 0.40 0.45 0.49 0.41 0.41 0.41 0.19 0.19 0.22 0.27 0.31 0.35 0.36 0.36 0.36 0.41 0.39 0.36 0.35 0.34 0.35 0.35 0.35 0.33 0.33 0.34 0.19 0.21 0.26 0.26 0.26 0.28 0.31 0.30 0.30 0.29 0.29 0.21 0.17 0.27 0.19 0.29 0.21 0.30 0.30 0.32 0.24 0.27 0.38 0.26 0.21 0.13 0.16 0.22 0.25 0.25 0.45 0.26 0.29 0.26 0.28 0.28 0.62 0.20 0.20 0.24 0.38 0.38 0.19 0.22 0.28 0.22 0.21 0.20 0.27 0.31 0.28 0.33 0.16 0.33 0.34 0.35 5083500 5113500 5178000 5385000 5623500 5509500 5451000 5425500 5376000 5679000 5661000 5118000 5079000 5199000 4464000 4269000 4888500 4977000 5793000 5496000 5320500 5068500 5103000 5058000 4657500 4216500 3951000 3772500 3589500 3438000 3438000 3487500 3415500 3573000 2469000 2538000 2478000 2539500 2631000 2685000 2724000 2749500 2691000 2656500 2652000 904500 916500 948000 1098000 1060500 1069500 1180500 1203000 1162500 1153500 1233000 1422000 1554000 1723500 885000 1033500 1152000 1344000 1411500 1653000 1551000 1768500 1890000 1822500 1804500 1846500 1854000 1807500 1795500 1840500 1840500 2005500 2046000 2190000 399000 537000 564000 636000 708000 757500 757500 778500 841500 861000 867000 280500 297000 321000 379500 429000 448500 447000 466500 463500 522000 601500 580500 639000 708000 168000 201000 258000 357000 441000 582000 556500 628500 687000 753000 705000 672000 648000 621000 628500 648000 648000 661500 681000 736500 75000 112500 144000 166500 187500 214500 237000 234000 253500 249000 255000 6268500 6327000 6447000 6862500 7113000 7027500 7078500 7095000 7002000 7354500 7495500 7120500 7272000 7630500 5517000 5503500 6298500 6678000 7645500 7731000 7428000 7465500 7680000 7633500 7167000 6735000 6453000 6201000 6013500 5926500 5926500 6154500 6142500 6499500 2943000 3187500 3186000 3342000 3526500 3657000 3718500 3762000 3786000 3766500 3774000 164.86 167.22 172.39 188.10 198.24 194.42 191.90 190.15 193.71 209.13 215.05 190.15 196.31 209.50 154.53 149.56 179.95 193.53 221.45 219.75 204.01 199.59 212.77 214.23 191.72 164.47 163.42 159.80 153.55 150.95 155.22 160.82 158.97 166.94 73.41 75.56 78.12 83.30 85.32 88.87 90.69 93.26 92.91 93.13 92.61
Reliance
Date
2003 17-Mar 19-Mar 20-Mar 21-Mar 22-Mar 24-Mar 25-Mar 26-Mar 27-Mar 28-Mar 31-Mar 1-Apr 3-Apr 16-Apr 17-Apr 21-Apr 22-Apr 23-Apr 24-Apr 25-Apr 28-Apr 29-Apr 2-May 5-May 6-May 7-May 8-May 9-May 12-May 13-May 14-May 15-May 16-May 19-May 20-May 21-May 22-May 23-May 26-May 27-May 28-May 29-May 30-May 2-Jun 9-Jun
Cas h
279.60 285.25 293.90 293.05 294.55 282.20 286.00 284.20 279.50 285.45 278.10 282.15 286.50 283.80 278.15 279.30 277.40 271.20 273.80 268.20 272.20 272.85 273.45 270.55 269.90 265.55 259.55 261.05 260.80 261.75 266.50 267.35 268.65 269.10 272.10 271.80 274.60 270.25 279.45 280.45 288.00 293.60 298.60 294.55 307.60
F& O
279.00 279.95 292.80 293.00 293.95 283.05 285.40 284.80 281.00 285.00 277.50 279.80 286.05 283.60 277.60 279.55 277.60 271.40 274.05 264.60 268.30 268.45 269.55 266.75 266.25 261.65 255.75 257.05 257.00 257.65 262.00 263.00 264.55 264.45 267.65 267.10 269.35 270.40 279.55 278.70 288.00 293.10 297.25 294.65 308.45
OI
0.38 0.40 0.45 0.46 0.46 0.45 0.46 0.46 0.47 0.33 0.39 0.40 0.44 0.58 0.58 0.58 0.56 0.46 0.43 0.42 0.40 0.40 0.38 0.39 0.39 0.39 0.34 0.34 0.34 0.34 0.37 0.36 0.35 0.35 0.36 0.37 0.37 0.43 0.43 0.43 0.47 0.47 0.21 0.35 0.39
Volum e
0.60 0.56 0.41 0.32 0.34 0.46 0.67 0.46 0.62 0.39 0.75 0.62 0.41 0.97 0.88 0.88 0.73 0.69 0.70 0.58 0.50 0.54 0.54 0.61 0.50 0.51 0.56 0.54 0.36 0.40 0.43 0.31 0.27 0.21 0.17 0.25 0.19 0.28 0.25 0.25 0.22 0.22 0.09 0.29 0.33
Futur e
3650400 3518400 3633000 3801000 3732600 3674400 3634200 3702000 3571200 2536800 2515200 2680200 3273000 3026400 3243600 3243600 3552600 4651800 4657800 4152600 4099200 4020000 3985200 4336800 4587600 5011800 5746200 5719200 5643000 5630400 5799600 5717400 5455200 5356200 5232600 5152200 4834200 4428600 4354200 4091400 3552600 3864000 3670800 3654600 4835400
Call
3709200 3726600 3576600 3521400 3543000 3615600 3674400 3832200 4176600 1483200 1675800 1969800 2545800 3336600 3550200 3550200 3954000 4980600 5201400 2208600 2581200 2699400 2904600 3000600 3137400 3327000 3820800 4005600 4198200 4309800 4424400 4470600 4525800 4522200 4476600 4350600 4421400 3660000 3654000 3661800 3588600 3588600 64000 2614200 4361400
Put
1396200 1499400 1607400 1618800 1631400 1620600 1682400 1752000 1955400 492600 648600 792000 1127400 1918800 2056200 2056200 2196000 2292600 2233200 927600 1041600 1089000 1105800 1183800 1227600 1300800 1316400 1374000 1434000 1480200 1616400 1629600 1600200 1577400 1599000 1626600 1644600 1569600 1572000 1570200 1700400 1700400 13600 909000 1686600
Total
8755800 8744400 8817000 8941200 8907000 8910600 8991000 9286200 9703200 4512600 4839600 5442000 6946200 8281800 8850000 8850000 9702600 11925000 12092400 7288800 7722000 7808400 7995600 8521200 8952600 9639600 10883400 11098800 11275200 11420400 11840400 11817600 11581200 11455800 11308200 11129400 10900200 9658200 9580200 9323400 8841600 9153000 3748400 7177800 10883400
OI in Rs. Cr.
235.64 250.68 251.63 262.02 254.79 251.46 257.14 263.91 271.50 128.81 134.59 153.55 199.01 235.04 246.16 247.18 269.15 323.41 331.09 195.49 210.19 213.05 218.64 230.54 241.63 255.98 282.48 289.73 294.06 298.93 315.55 315.94 311.13 308.28 307.70 302.50 299.32 261.01 267.72 261.47 254.64 268.73 111.93 211.42 334.77

10-Jun 11-Jun 12-Jun 13-Jun 16-Jun 17-Jun 18-Jun 19-Jun 20-Jun 23-Jun 24-Jun 25-Jun 26-Jun 27-Jun 2-Jul 3-Jul 4-Jul 7-Jul 8-Jul 9-Jul 10-Jul 11-Jul 14-Jul 15-Jul 16-Jul 17-Jul 18-Jul 21-Jul 22-Jul 23-Jul 28-Jul 29-Jul 1-Aug 4-Aug 5-Aug 6-Aug 7-Aug 8-Aug 11-Aug 12-Aug 13-Aug 14-Aug 18-Aug 19-Aug 20-Aug 21-Aug 22-Aug 25-Aug 26-Aug 27-Aug 28-Aug 29-Aug 1-Sep 2-Sep 303.55 307.75 308.00 312.95 307.25 321.10 318.00 324.90 335.45 325.25 320.35 324.85 325.15 324.75 328.50 330.75 332.95 328.75 326.25 326.65 334.10 330.70 339.75 343.75 343.75 338.80 339.25 335.70 334.05 329.80 345.20 347.65 355.05 354.90 347.95 350.60 355.55 363.30 361.30 356.80 360.95 358.60 361.25 369.10 368.90 371.10 381.70 378.60 390.65 393.80 393.70 400.70 410.20 418.60 304.30 309.20 309.25 314.15 307.85 319.85 318.05 324.55 334.30 325.20 321.35 326.00 328.35 327.80 332.00 334.00 336.30 332.20 329.10 329.10 335.90 332.40 343.20 347.40 347.40 340.70 340.75 334.95 333.95 330.00 345.55 348.75 358.35 358.70 350.75 352.10 357.65 365.35 363.00 358.45 363.40 361.10 363.50 371.85 371.15 373.30 383.05 378.20 391.50 394.30 392.90 405.35 413.00 419.05 0.36 0.38 0.38 0.38 0.39 0.45 0.47 0.49 0.59 0.70 0.67 0.66 0.64 0.28 0.32 0.32 0.32 0.31 0.31 0.31 0.32 0.32 0.34 0.34 0.34 0.33 0.31 0.31 0.35 0.36 0.45 0.45 0.44 0.41 0.39 0.42 0.42 0.50 0.50 0.49 0.49 0.48 0.48 0.55 0.55 0.56 0.69 0.69 0.76 0.78 0.76 0.41 0.54 0.71 0.34 0.28 0.30 0.26 0.32 0.29 0.27 0.31 0.33 0.46 0.56 0.41 0.37 0.26 0.26 0.21 0.27 0.24 0.31 0.31 0.23 0.20 0.24 0.18 0.18 0.21 0.23 0.26 0.53 0.64 0.31 0.31 0.36 0.31 0.37 0.32 0.31 0.43 0.35 0.44 0.37 0.29 0.33 0.23 0.24 0.28 0.24 0.36 0.29 0.28 0.35 0.36 0.34 0.47 4555200 4468200 4551000 5079600 5059800 4918200 4737600 4779600 5009400 4452600 4989000 5158200 4821000 3861600 5198400 5638200 5796000 5966400 6008400 6008400 5649600 5321400 6500400 6674400 6674400 6069000 5495400 5225400 4751400 4645200 5605800 5849400 4554600 5070000 5080200 4149600 4312800 5123400 5042400 4968000 5376000 5599800 5571000 5832600 5524200 5907000 6202800 4782600 4850400 4703400 4616400 3421800 3663600 3575400 4769400 4844400 5028600 5189400 5429400 5118600 4935000 4992000 4657800 3869400 4038600 4153800 4495800 1377600 2443200 2657400 2850000 3041400 3154800 3154800 3260400 3510600 3657000 4111800 4111800 4373400 4540800 4692600 4737600 4812000 4629600 4663200 1368000 1541400 1852800 2120400 2272200 2319000 2400000 2519400 2641200 2747400 2839200 2909400 2896800 2938800 2732400 2909400 2883000 2947200 3103200 1138200 1207800 1351200 1734600 1834800 1897200 1995000 2106000 2283000 2307600 2470800 2746200 2712600 2723400 2746800 2859000 391800 792000 841200 923400 954600 969000 969000 1054200 1111200 1233000 1396800 1396800 1428600 1422600 1472400 1654800 1709400 2100600 2117400 600600 638400 720000 891000 955800 1155600 1210800 1238400 1281600 1327800 1351200 1587600 1604400 1645200 1894800 1993200 2184000 2311200 2368200 468000 651600 960000 11059200 11147400 11476800 12264000 12595200 12319800 11980200 12242400 12413400 11034600 11751000 12058800 12175800 5631000 8433600 9136800 9569400 9962400 10132200 10132200 9964200 9943200 11390400 12183000 12183000 11871000 11458800 11390400 11143800 11166600 12336000 12630000 6523200 7249800 7653000 7161000 7540800 8598000 8653200 8725800 9298800 9675000 9761400 10329600 10025400 10491000 10830000 9685200 9917400 9961800 10087800 5028000 5523000 5886600 335.70 343.06 353.49 383.80 386.99 395.59 380.97 397.76 416.41 358.90 376.44 391.73 395.90 182.87 277.04 302.20 318.61 327.51 330.56 330.97 332.90 328.82 386.99 418.79 418.79 402.19 388.74 382.38 372.26 368.27 425.84 439.08 231.61 257.30 266.29 251.06 268.11 312.37 312.64 311.34 335.64 346.95 352.63 381.27 369.84 389.32 413.38 366.68 387.42 392.30 397.16 201.47 226.55 246.41

3-Sep 4-Sep 5-Sep 8-Sep 9-Sep 10-Sep 11-Sep 12-Sep 15-Sep 16-Sep 17-Sep 18-Sep 19-Sep 22-Sep 23-Sep 24-Sep 25-Sep 26-Sep 29-Sep 30-Sep 1-Oct 3-Oct 6-Oct 7-Oct 8-Oct 9-Oct 10-Oct 13-Oct 14-Oct 15-Oct 16-Oct 17-Oct 20-Oct 21-Oct 22-Oct 23-Oct 24-Oct 25-Oct 27-Oct 28-Oct 29-Oct 30-Oct 31-Oct 3-Nov 4-Nov 5-Nov 6-Nov 7-Nov 10-Nov 11-Nov 12-Nov 13-Nov 14-Nov 15-Nov 407.95 409.30 419.85 435.60 436.30 434.65 428.70 419.15 404.55 410.15 406.90 395.35 404.05 403.05 412.55 429.00 418.20 426.30 434.30 443.80 435.70 448.55 457.50 451.80 455.25 455.15 470.90 483.55 468.25 478.65 488.55 489.55 481.80 468.20 468.90 458.80 470.65 475.40 459.00 464.30 472.40 477.05 486.45 492.95 491.50 488.60 492.85 482.15 482.95 480.65 484.05 477.85 464.90 312.40 410.25 412.70 422.35 437.35 436.75 438.25 433.95 423.15 407.15 413.30 408.25 395.50 404.60 403.05 412.95 428.95 #REF! 430.30 437.30 444.85 438.85 450.50 459.05 452.30 457.80 458.50 473.75 483.20 468.95 481.00 488.95 490.85 482.95 470.00 470.25 460.45 473.95 476.50 459.55 464.10 472.30 475.50 490.95 494.90 496.60 493.30 498.35 487.05 488.45 485.75 489.05 480.30 467.60 314.10 0.63 0.57 0.56 0.63 0.67 0.61 0.57 0.53 0.47 0.44 0.43 0.41 0.42 0.42 0.42 0.49 0.51 0.34 0.48 0.54 0.53 0.61 0.60 0.59 0.62 0.49 0.53 0.56 0.50 0.52 0.66 0.65 0.62 0.57 0.56 0.54 0.53 0.53 0.51 0.49 0.50 0.51 0.20 0.08 0.22 0.21 0.22 0.21 0.20 0.21 0.21 0.20 0.18 0.45 0.34 0.32 0.20 0.29 0.31 0.28 0.24 0.42 0.49 0.35 0.25 0.36 0.49 0.57 0.47 0.26 0.40 0.41 0.43 0.41 0.44 0.37 0.30 0.50 0.58 0.30 0.39 0.26 0.21 0.40 0.42 0.33 0.33 0.48 0.50 0.37 0.48 0.25 0.38 0.29 0.46 0.42 0.23 0.06 0.23 0.29 0.18 0.26 0.20 0.37 0.19 0.22 0.31 0.56 3419400 3789600 3667800 3816600 3774000 4267200 5428800 5941200 6108000 6739200 6867600 5899800 5121600 4783800 5095200 5015400 5890200 4696800 4623000 4500600 4575600 4887000 4630200 4554600 4629600 5293800 5718600 5673600 5315400 5689800 5220600 5506800 5184600 5235000 4936800 5320200 6231000 5848200 5712600 5265000 5518200 5809800 5003400 6615000 6777600 7055400 8916000 8527800 6878400 9102600 9022800 8301600 8233800 8315400 1614600 1823400 1953600 1932000 2113200 2303400 2569200 2835000 3080400 3276600 3513000 3714600 3608400 3591000 3565200 3081600 3127200 823800 973200 1102200 1174800 1237800 1314000 1363200 1408200 1891200 1915800 1972200 2254800 2390400 2568000 2593200 2692200 2687400 2722200 2698200 2718600 2701800 2736600 3004800 3061200 3068400 876600 1430400 1660800 1809600 2082600 2264400 2938800 2436600 2509200 2558400 2672400 2703600 1020600 1045200 1087800 1225800 1407000 1413000 1452000 1501200 1438200 1453200 1511400 1504800 1531200 1512000 1495200 1497600 1603800 276000 468600 594600 622800 754800 792000 809400 870600 922200 1007400 1097400 1126800 1243800 1686000 1695600 1679400 1533600 1528200 1459800 1434600 1443600 1407600 1485000 1535400 1576200 177600 301800 362400 382800 468000 466800 1568400 510000 529200 514200 492000 498000 6054600 6658200 6709200 6974400 7294200 7983600 9450000 10277400 10626600 11469000 11892000 11119200 10261200 9886800 10155600 9594600 10621200 5796600 6064800 6197400 6373200 6879600 6736200 6727200 6908400 8107200 8641800 8743200 8697000 9324000 9474600 9795600 9556200 9456000 9187200 9478200 10384200 9993600 9856800 9754800 10114800 10454400 6057600 8347200 8800800 9247800 11466600 11259000 11385600 12049200 12061200 11374200 11398200 11517000 247.00 272.52 281.69 303.80 318.25 347.01 405.12 430.78 429.90 470.40 483.89 439.60 414.60 398.49 418.97 411.61 444.18 247.11 263.39 275.04 277.68 308.58 308.18 303.93 314.50 369.00 406.94 422.78 407.24 446.29 462.88 479.54 460.42 442.73 430.79 434.86 488.73 475.10 452.43 452.92 477.82 498.73 294.67 79.74 432.56 451.85 565.13 542.85 556.82 579.14 583.82 543.52 529.90 539.34

17-Nov 18-Nov 19-Nov 20-Nov 21-Nov 24-Nov 25-Nov 26-Nov 28-Nov 1-Dec 2-Dec 3-Dec 4-Dec 5-Dec 8-Dec 9-Dec 10-Dec 11-Dec 12-Dec 15-Dec 16-Dec 17-Dec 18-Dec 19-Dec 22-Dec 23-Dec 24-Dec 26-Dec 29-Dec 30-Dec 31-Dec 14-Jan 15-Jan 19-Jan 20-Jan 21-Jan 22-Jan 27-Jan 28-Jan 29-Jan 4-Feb 5-Feb 6-Feb 9-Feb 11-Feb 12-Feb 13-Feb 16-Feb 17-Feb 18-Feb 19-Feb 20-Feb 23-Feb 24-Feb 474.95 466.00 461.60 450.80 459.45 455.90 467.05 476.20 487.05 492.25 499.60 493.00 507.00 493.05 479.90 486.60 497.60 493.10 491.30 499.00 504.80 502.75 506.95 520.70 527.55 522.40 527.90 530.20 537.25 562.70 572.85 597.00 576.00 584.75 574.45 552.95 535.25 580.65 575.70 571.50 571.40 564.60 575.40 588.70 587.30 587.70 595.40 592.95 598.75 604.85 582.35 587.45 565.35 565.75 478.25 468.80 463.10 452.00 461.10 456.70 467.85 343.50 490.50 496.25 503.90 502.90 512.75 496.00 484.80 491.25 499.25 494.55 493.55 500.85 505.55 503.40 509.05 519.85 526.75 522.30 526.35 536.65 543.00 562.50 574.45 603.20 583.30 589.75 575.25 554.45 538.05 582.55 577.05 571.95 574.40 564.35 576.85 591.15 589.65 589.50 597.75 595.05 601.55 605.75 583.05 588.70 566.45 567.30 0.20 0.19 0.19 0.20 0.22 0.20 0.24 0.24 0.19 0.21 0.24 0.26 0.32 0.31 0.26 0.26 0.33 0.36 0.38 0.37 0.40 0.41 0.43 0.49 0.50 0.51 0.52 0.26 0.32 0.50 0.52 0.44 0.40 0.40 0.39 0.36 0.33 0.35 0.35 0.36 0.30 0.29 0.31 0.36 0.37 0.37 0.33 0.34 0.37 0.39 0.41 0.42 0.39 0.37 0.20 0.27 0.25 0.60 0.48 0.38 0.30 0.24 0.14 0.20 0.21 0.24 0.20 0.36 0.44 0.25 0.31 0.31 0.21 0.21 0.27 0.29 0.25 0.24 0.22 0.21 0.20 0.28 0.31 0.33 0.32 0.26 0.30 0.35 0.31 0.52 0.59 0.27 0.22 0.41 0.39 0.28 0.30 0.35 0.31 0.28 0.18 0.33 0.26 0.28 0.26 0.41 0.57 0.59 8779800 8839800 8623800 8356800 8404200 8443200 8924400 8345400 6865800 7048800 8143200 8889600 8949000 8164200 9186000 9967800 9163200 8703000 8311800 8400000 8384400 8217000 8657400 7987800 7802400 7250400 7347000 6487200 6505200 5896800 5895600 6719400 6616800 6484200 6147000 6229800 6901800 7329600 7324200 7285200 5520000 5247000 5316000 5493600 5775600 5722800 5991000 6104400 7285200 6585000 5569800 5235600 5646600 6903000 2769600 2857800 2910000 3052200 3174600 3253800 3195000 3553800 1056600 1244400 1575600 1864800 2041200 2231400 2579400 2867400 2762400 2835000 2794800 2917200 2901600 2938800 2874600 2713800 2756400 2712600 2796600 766200 888600 1044600 1373400 2442000 2742000 2917200 3041400 3186600 3324000 3338400 3411000 3328200 1110000 1296000 1453800 1473600 1784400 1867800 2126400 2248200 2326800 2462400 2330400 2369400 2449200 2572200 545400 545400 540600 624000 690600 666000 754200 857400 202800 256800 375600 489000 660000 681000 679800 758400 917400 1013400 1060800 1091400 1170000 1204200 1236600 1332000 1374600 1395600 1455000 202800 285000 523800 711000 1085400 1106400 1167600 1198800 1137600 1098600 1176600 1206000 1210200 337800 381000 450600 534600 664200 690000 709200 771600 850800 965400 949800 1002600 943200 955800 12094800 12243000 12074400 12033000 12269400 12363000 12873600 12756600 8125200 8550000 10094400 11243400 11650200 11076600 12445200 13593600 12843000 12551400 12167400 12408600 12456000 12360000 12768600 12033600 11933400 11358600 11598600 7456200 7678800 7465200 7980000 10246800 10465200 10569000 10387200 10554000 11324400 11844600 11941200 11823600 6967800 6924000 7220400 7501800 8224200 8280600 8826600 9124200 10462800 10012800 8850000 8607600 9039000 10431000 574.44 570.52 557.35 542.45 563.72 563.63 601.26 607.47 395.74 420.87 504.32 554.30 590.67 546.13 597.25 661.46 639.07 618.91 597.78 619.19 628.78 621.40 647.30 626.59 629.55 593.37 612.29 395.33 412.54 420.07 457.13 601.90 624.77 618.02 596.69 583.58 606.14 687.76 687.45 675.72 398.14 390.93 415.46 441.63 483.01 486.65 525.54 541.02 626.46 605.62 515.38 505.65 511.02 590.13

25-Feb 26-Feb 27-Feb 1-Mar 3-Mar 4-Mar 5-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 22-Mar 23-Mar 24-Mar 25-Mar 26-Mar 29-Mar 30-Mar 31-Mar 1-Apr 2-Apr 5-Apr 6-Apr 7-Apr 8-Apr 12-Apr 13-Apr 15-Apr 16-Apr 17-Apr 19-Apr 20-Apr 21-Apr 22-Apr 23-Apr 27-Apr 28-Apr 29-Apr 30-Apr 3-May 4-May 5-May 6-May 7-May 10-May 11-May 12-May 13-May 552.20 542.30 554.70 567.30 580.85 573.65 586.15 595.75 584.30 573.70 565.85 565.85 545.05 541.85 540.40 519.10 523.25 507.70 511.75 512.30 514.05 525.70 528.80 527.15 538.05 555.85 565.80 575.10 575.40 574.00 572.95 561.75 573.30 565.35 566.15 564.85 552.60 552.35 563.35 568.75 567.30 539.45 540.40 529.30 526.45 528.45 530.75 530.00 540.50 532.40 519.20 490.25 496.65 511.45 555.85 541.75 558.55 569.55 580.15 573.25 587.65 595.40 586.85 575.45 567.90 567.90 546.35 543.95 542.45 521.50 524.90 508.55 512.40 513.05 513.25 529.40 532.90 529.05 539.60 556.20 566.25 575.20 575.75 575.20 574.75 563.85 574.75 567.55 567.90 566.70 553.90 554.00 569.75 570.70 568.95 540.20 541.45 530.30 528.00 526.75 528.45 527.95 537.80 528.95 516.95 486.25 492.95 508.75 0.36 0.33 0.34 0.33 0.31 0.33 0.35 0.39 0.44 0.42 0.39 0.39 0.33 0.34 0.33 0.29 0.29 0.27 0.24 0.23 0.23 0.26 0.27 0.27 0.32 0.30 0.29 0.36 0.38 0.41 0.40 0.38 0.41 0.40 0.40 0.41 0.39 0.39 0.41 0.43 0.43 0.33 0.32 0.25 0.27 0.28 0.27 0.26 0.27 0.26 0.26 0.26 0.26 0.28 0.50 0.46 0.49 0.23 0.22 0.37 0.45 0.36 0.29 0.44 0.49 0.49 0.59 0.65 0.49 0.58 0.47 0.61 0.41 0.51 0.54 0.32 0.46 0.31 0.44 0.26 0.22 0.31 0.41 0.60 0.44 0.45 0.32 0.40 0.27 0.27 0.49 0.59 0.24 0.22 0.30 0.56 0.43 0.42 0.43 0.35 0.30 0.25 0.23 0.24 0.31 0.37 0.30 0.24 7061400 8019000 6701400 6485400 5662800 5707800 5640600 5229000 5268000 5025600 5191800 5191800 5640600 6406800 7125000 8330400 8051400 7820400 7957800 8054400 8878800 7183800 7578000 7096800 6741600 6362400 5509200 4830600 4732200 4838400 4597800 4938000 4769400 5407200 5613000 5645400 6070800 6216600 6435000 6439200 6598200 6280200 7063200 9682200 8763000 9445800 9667800 10302600 10054800 9885000 10400400 10943400 10599000 11163000 2678400 2944800 1035000 1182000 1403400 1453800 1387800 1392000 1347600 1434000 1558200 1558200 1803000 1903800 1955400 2328600 2436600 2549400 2798400 2878800 2992800 909000 989400 1090800 1140000 1362600 1585800 1588800 1753200 1801200 1886400 1928400 1914600 2004000 2015400 2042400 2106600 2158800 2193000 2133000 2181000 2433600 2564400 3390600 1583400 1902600 2109600 2359800 2457600 2588400 2877600 3192600 3438600 3588600 958200 961200 355200 390600 440400 474600 492000 543000 594600 595200 602400 602400 588600 641400 649800 670800 714600 699600 684000 669000 685800 238800 271800 295200 369000 408000 461400 574800 669000 731400 746400 730200 790200 796800 813600 838200 821400 835800 909000 920400 940200 798600 814800 855600 427200 539400 561600 607800 657600 683400 738600 827400 906600 996000 10698000 11925000 8091600 8058000 7506600 7636200 7520400 7164000 7210200 7054800 7352400 7352400 8032200 8952000 9730200 11329800 11202600 11069400 11440200 11602200 12557400 8331600 8839200 8482800 8250600 8133000 7556400 6994200 7154400 7371000 7230600 7596600 7474200 8208000 8442000 8526000 8998800 9211200 9537000 9492600 9719400 9512400 10442400 13928400 10773600 11887800 12339000 13270200 13170000 13156800 14016600 14963400 14944200 15747600 590.74 646.69 448.84 457.13 436.02 438.05 440.81 426.80 421.29 404.73 416.04 416.04 437.80 485.06 525.82 588.13 586.18 561.99 585.45 594.38 645.51 437.99 467.42 447.17 443.92 452.07 427.54 402.24 411.66 423.10 414.28 426.74 428.50 464.04 477.94 481.59 497.27 508.78 537.27 539.89 551.38 513.15 564.31 737.23 567.18 628.21 654.89 703.32 711.84 700.47 727.74 733.58 742.20 805.41

14-May 17-May 18-May 19-May 20-May 21-May 24-May 25-May 26-May 27-May 28-May 31-May 1-Jun 2-Jun 3-Jun 4-Jun 7-Jun 8-Jun 9-Jun 10-Jun 11-Jun 477.10 404.30 433.70 452.45 443.20 439.50 453.85 455.70 459.30 449.05 432.70 429.80 434.20 439.45 428.35 433.50 444.80 455.25 450.80 447.70 431.70 474.35 398.20 429.90 448.30 443.15 440.10 440.10 455.75 459.20 449.60 431.50 429.70 434.10 440.10 427.70 433.90 444.05 453.10 449.50 447.30 431.55 0.26 0.26 0.22 0.21 0.21 0.18 0.18 0.18 0.19 0.19 0.22 0.27 0.32 0.33 0.33 0.35 0.36 0.40 0.44 0.44 0.38 0.38 0.22 0.37 0.29 0.33 0.20 0.20 0.28 0.40 0.42 0.31 0.43 0.43 0.33 0.39 0.40 0.29 0.46 0.51 0.48 0.64 11272800 9621600 9285000 8707200 8167200 8401200 8401200 8226000 7664400 8139600 6176400 5939400 6110400 6214800 5862600 6045600 5458200 5152200 5201400 5256000 5404200 3757200 3724800 3660600 3737400 3793200 3861000 3861000 4060200 4118400 4092600 649200 792000 826200 885600 991800 1073400 1119000 1182600 1195800 1233000 1230600 976800 963600 802200 771000 783000 705000 705000 717600 795600 789600 145200 213000 260400 292200 328200 373200 400200 478800 525000 537600 466800 16006800 14310000 13747800 13215600 12743400 12967200 12967200 13003800 12578400 13021800 6970800 6944400 7197000 7392600 7182600 7492200 6977400 6813600 6922200 7026600 7101600 763.68 578.55 596.24 597.94 564.79 569.91 588.52 592.58 577.73 584.74 301.63 298.47 312.49 324.87 307.67 324.79 310.35 310.19 312.05 314.58 306.58
Satyam
Date
2003 17-Mar 19-Mar 20-Mar 21-Mar 22-Mar 24-Mar 25-Mar 26-Mar 27-Mar 28-Mar 31-Mar 1-Apr 3-Apr 16-Apr 17-Apr 21-Apr 22-Apr 23-Apr 24-Apr 25-Apr 28-Apr 29-Apr 2-May 5-May 6-May 7-May 8-May 9-May 12-May 13-May 14-May 15-May 16-May 19-May 20-May 21-May 22-May 23-May 26-May 27-May 28-May 29-May
Cas h
194.35 194.30 205.70 205.45 210.95 201.70 202.55 200.10 195.80 191.95 177.30 174.15 183.40 157.10 144.10 154.65 158.45 151.25 160.15 163.35 160.30 158.85 160.15 166.50 167.00 170.75 170.50 168.35 165.30 168.40 171.25 175.45 178.35 168.80 170.90 165.80 160.35 162.70 158.20 157.05 166.10 169.75
F& O
195.35 194.30 205.35 205.65 210.50 201.90 202.20 200.40 196.65 192.95 177.75 174.10 183.75 156.60 143.60 153.65 156.75 149.95 159.95 162.45 160.45 158.85 159.55 166.70 166.55 169.80 169.70 167.95 165.00 168.40 171.00 175.70 178.85 168.85 171.20 165.50 160.70 162.85 158.60 157.20 166.40 169.85
OI
0.38 0.40 0.48 0.50 0.52 0.52 0.52 0.50 0.46 0.51 0.42 0.40 0.44 0.37 0.36 0.36 0.46 0.47 0.54 0.82 0.83 0.80 0.81 0.95 0.97 1.09 1.13 1.11 1.10 1.12 1.16 1.21 1.27 1.17 1.13 1.06 0.90 0.89 0.82 0.78 0.85 0.85
Volum e
0.79 0.69 0.60 0.50 0.46 0.71 0.74 0.74 0.77 0.57 0.57 0.54 0.52 0.72 0.89 0.89 0.70 0.81 0.70 0.85 0.84 0.76 0.66 0.76 0.69 0.77 0.82 1.05 1.04 0.85 0.82 0.69 0.68 0.83 0.83 0.88 1.05 0.81 0.96 0.86 0.70 0.70
Futur e
6392400 6472800 6318000 6444000 6764400 6081600 6112800 6324000 6858000 5667600 5990400 6232800 6860400 5341200 5298000 5298000 5894400 5506800 5446800 4780800 4960800 4996800 5091600 5368800 5155200 6776400 6694800 6711600 7158000 7490400 7410000 7887600 7612800 7048800 6916800 6711600 5755200 5692800 5515200 5793600 5752800 6064800
Call
9364800 9585600 9254400 9180000 9206400 9457200 9639600 9709200 10416000 3825600 5530800 6694800 8192400 12566400 12837600 12837600 12968400 12548400 12225600 3537600 4036800 4332000 5014800 5232000 5374800 5683200 6082800 6212400 6284400 6409200 6543600 6588000 6476400 6592800 6930000 7221600 7483200 7524000 7616400 7762800 7710000 7710000
Put
3577200 3861600 4408800 4614000 4783200 4948800 4977600 4810800 4758000 1951200 2332800 2661600 3570000 4684800 4638000 4638000 5997600 5953200 6650400 2901600 3349200 3482400 4054800 4965600 5233200 6177600 6856800 6892800 6883200 7204800 7574400 7964400 8215200 7743600 7819200 7633200 6759600 6699600 6258000 6058800 6547200 6547200
Total
19334400 19920000 19981200 20238000 20754000 20487600 20730000 20844000 22032000 11444400 13854000 15589200 18622800 22592400 22773600 22773600 24860400 24008400 24322800 11220000 12346800 12811200 14161200 15566400 15763200 18637200 19634400 19816800 20325600 21104400 21528000 22440000 22304400 21385200 21666000 21566400 19998000 19916400 19389600 19615200 20010000 20322000
OI in Rs. Crore s
399.52 400.15 410.33 415.79 415.22 413.23 419.89 417.09 430.95 219.68 245.63 271.49 341.54 354.93 328.17 352.19 393.91 363.13 389.53 183.28 197.92 203.51 226.79 259.18 263.25 318.23 334.77 333.62 335.98 355.40 368.67 393.71 397.80 360.98 370.27 357.57 320.67 324.04 306.74 308.06 332.37 344.97

30-May 2-Jun 9-Jun 10-Jun 11-Jun 12-Jun 13-Jun 16-Jun 17-Jun 18-Jun 19-Jun 20-Jun 23-Jun 24-Jun 25-Jun 26-Jun 27-Jun 2-Jul 3-Jul 4-Jul 7-Jul 8-Jul 9-Jul 10-Jul 11-Jul 14-Jul 15-Jul 16-Jul 17-Jul 18-Jul 21-Jul 22-Jul 23-Jul 28-Jul 29-Jul 1-Aug 4-Aug 5-Aug 6-Aug 7-Aug 8-Aug 11-Aug 12-Aug 13-Aug 14-Aug 18-Aug 19-Aug 20-Aug 21-Aug 22-Aug 25-Aug 26-Aug 27-Aug 28-Aug 167.50 177.45 177.55 174.20 176.85 185.30 181.95 183.60 189.30 187.35 189.80 186.35 185.15 181.85 182.35 187.70 190.50 188.20 186.25 185.60 187.05 192.40 187.80 206.80 198.60 193.80 185.95 185.95 175.65 173.30 165.00 163.30 175.80 203.60 197.45 207.20 210.50 205.50 201.10 201.70 204.50 204.00 197.15 199.40 197.80 200.50 202.50 211.20 215.45 209.75 198.05 207.30 217.65 232.90 166.85 177.60 177.30 174.25 176.90 183.80 181.35 182.40 188.15 187.25 189.40 186.85 185.05 182.25 182.85 187.10 189.80 187.00 184.00 184.10 186.10 190.75 190.75 205.95 198.60 195.55 187.70 187.70 176.90 174.65 165.90 164.15 175.90 202.75 198.20 207.35 211.70 206.05 202.15 202.65 205.75 205.20 198.15 200.75 199.00 202.05 204.20 212.65 216.90 210.55 198.35 208.15 218.50 232.95 0.36 0.99 0.81 0.80 0.79 0.98 0.98 0.99 1.05 1.09 1.09 1.04 1.00 0.95 0.95 0.95 0.69 0.64 0.62 0.66 0.70 0.73 0.73 1.01 0.85 0.80 0.65 0.65 0.56 0.49 0.48 0.45 0.54 0.96 0.91 0.72 0.77 0.71 0.63 0.56 0.59 0.62 0.56 0.57 0.57 0.59 0.60 0.67 0.76 0.72 0.61 0.61 0.69 0.90 0.38 0.75 0.77 0.68 0.57 0.66 0.87 0.68 0.84 0.63 0.66 0.81 0.71 0.77 0.57 0.50 0.51 0.41 0.53 0.68 0.60 0.41 0.41 0.46 0.37 0.46 0.48 0.48 0.65 0.54 0.71 0.67 0.58 0.48 0.49 0.42 0.42 0.45 0.44 0.36 0.44 0.36 0.44 0.55 0.49 0.46 0.38 0.35 0.38 0.40 0.68 0.50 0.34 0.42 3376800 3859200 4029600 3957600 4021200 4950000 4665600 4982400 5276400 5475600 5554800 5907600 5743200 5311200 5265600 5290800 3502800 4221600 4388400 4244400 4269600 4392000 4392000 5106000 6091200 6432000 6574800 6574800 7231200 6975600 7119600 7611600 5749200 4753200 4669200 3553200 4005600 3912000 4036800 4533600 4926000 5002800 5108400 4978800 4899600 5109600 4947600 5924400 5686800 5056800 5256000 5288400 6301200 6444000 2361600 2677200 4197600 4533600 4730400 4863600 5119200 5265600 5289600 5167200 5246400 5424000 5790000 5930400 5822400 5836800 1456800 2479200 2877600 2928000 3074400 3220800 3220800 3028800 3526800 3780000 4858800 4858800 5835600 6538800 7044000 7363200 7666800 5702400 6050400 1849200 2026800 2242800 2652000 3108000 3312000 3390000 3748800 3888000 4058400 4178400 4394400 4215600 4071600 4300800 4623600 4772400 4518000 4440000 853800 2658000 3415200 3644400 3740400 4783200 5023200 5217600 5535600 5623200 5730000 5629200 5763600 5625600 5524800 5570400 1000800 1581600 1794000 1939200 2158800 2349600 2349600 3054000 2986800 3008400 3153600 3153600 3274800 3234000 3374400 3308400 4156800 5460000 5498400 1334400 1556400 1590000 1675200 1753200 1952400 2088000 2083200 2209200 2311200 2446800 2614800 2833200 3097200 3100800 2833200 2919600 3120000 4004400 6592200 9194400 11642400 12135600 12492000 14596800 14808000 15465600 16101600 16266000 16531200 16960800 17296800 16867200 16612800 16698000 5960400 8282400 9060000 9111600 9502800 9962400 9962400 11188800 12604800 13220400 14587200 14587200 16341600 16748400 17538000 18283200 17572800 15915600 16218000 6736800 7588800 7744800 8364000 9394800 10190400 10480800 10940400 11076000 11269200 11734800 11956800 12973200 12855600 12458400 12712800 12980400 13939200 14888400 110.42 163.15 206.71 211.40 220.92 270.48 269.43 283.95 304.80 304.74 313.76 316.06 320.25 306.73 302.93 313.42 113.55 155.87 168.74 169.11 177.75 191.68 187.09 231.38 250.33 256.21 271.25 271.25 287.04 290.25 289.38 298.56 308.93 324.04 320.22 139.59 159.74 159.16 168.20 189.49 208.39 213.81 215.69 220.86 222.90 235.28 242.13 273.99 276.97 261.31 251.78 269.08 303.39 346.75

29-Aug 1-Sep 2-Sep 3-Sep 4-Sep 5-Sep 8-Sep 9-Sep 10-Sep 11-Sep 12-Sep 15-Sep 16-Sep 17-Sep 18-Sep 19-Sep 22-Sep 23-Sep 24-Sep 25-Sep 26-Sep 29-Sep 30-Sep 1-Oct 3-Oct 6-Oct 7-Oct 8-Oct 9-Oct 10-Oct 13-Oct 14-Oct 15-Oct 16-Oct 17-Oct 20-Oct 21-Oct 22-Oct 23-Oct 24-Oct 25-Oct 27-Oct 28-Oct 29-Oct 30-Oct 31-Oct 3-Nov 4-Nov 5-Nov 6-Nov 7-Nov 10-Nov 11-Nov 12-Nov 227.40 235.85 243.70 238.35 250.35 252.80 261.10 246.50 246.40 241.50 237.50 229.85 243.55 242.10 235.95 240.20 236.05 241.35 252.70 244.10 249.45 246.20 254.55 254.00 257.85 258.00 256.85 256.20 256.70 281.80 292.10 288.65 291.50 289.55 309.00 305.10 293.30 277.60 270.10 296.55 301.90 284.60 285.25 289.60 290.40 306.30 158.85 341.40 337.65 340.05 330.00 333.15 323.65 331.65 230.65 237.85 245.20 239.20 251.40 254.70 262.30 249.05 248.70 245.45 239.10 231.15 245.25 242.45 235.90 240.05 235.90 241.90 253.20 230.95 251.95 248.85 254.95 255.25 258.00 259.70 257.80 256.70 258.50 283.45 292.45 288.40 292.60 290.85 310.20 306.50 294.75 278.70 271.00 297.15 301.95 284.25 285.80 290.20 291.25 308.45 160.75 341.25 337.10 342.10 331.80 335.60 326.15 334.80 0.59 0.64 0.74 0.77 0.80 0.85 0.92 0.67 0.61 0.59 0.53 0.49 0.53 0.53 0.53 0.56 0.57 0.57 0.64 0.60 0.39 0.37 0.41 0.44 0.47 0.41 0.42 0.42 0.40 0.55 0.62 0.62 0.62 0.62 0.71 0.67 0.59 0.47 0.42 0.52 0.55 0.54 0.54 0.53 0.58 0.48 0.07 0.65 0.66 0.64 0.55 0.53 0.49 0.58 0.50 0.31 0.37 0.43 0.35 0.42 0.43 0.42 0.38 0.27 0.38 0.31 0.38 0.33 0.42 0.47 0.47 0.57 0.29 0.30 0.28 0.30 0.36 0.38 0.41 0.30 0.22 0.35 0.33 0.32 0.27 0.36 0.36 0.46 0.31 0.28 0.34 0.37 0.40 0.32 0.36 0.48 0.39 0.35 0.46 0.36 0.09 0.39 0.50 0.33 0.47 0.35 0.31 0.30 3950400 4234800 4309200 4039200 4184400 4382400 4370400 8113200 8296800 9486000 9885600 9127200 8779200 8578800 7197600 6216000 6192000 5751600 6298800 7075200 6159600 6637200 5552400 5494800 4639200 5419200 5356800 5193600 5026800 6920400 6092400 5533200 5830800 5754000 6742800 5757600 5940000 6435600 6300000 5391600 5232000 4545600 4515600 4809600 5508000 5751600 5619600 5785200 5797200 6610800 6091200 8788000 6837600 7555200 1488000 1653600 1965600 2193600 2390400 2409600 2419200 3183600 3732000 4080000 4688400 5115600 5044800 5199600 5336400 5283600 5362800 5343600 4725600 5371200 1316400 1689600 1792800 194400 2070000 2422800 2522400 2666400 2950800 2781600 2774400 2946000 3016800 3206400 3217200 3309600 3690000 4396800 4984800 4603200 4460400 4678800 4758000 4910400 4734000 1273200 1807200 2125200 2347200 2572800 2842800 2108000 3142800 3117600 871200 1057200 1460400 1690800 1912800 2036400 2218800 2137200 2294400 2425200 2485200 2505600 2668800 2769600 2838000 2974800 3052800 3026400 3008400 3236400 508800 631200 744000 860400 981600 999600 1056000 1118400 1186800 1533600 1722000 1831200 1881600 1972800 2274000 2232000 2173200 2064000 2114400 2378400 2432400 2504400 2551200 2617200 2739600 614400 939600 1390800 1544400 1638000 1574400 499000 1531200 1803600 6309600 6945600 7735200 7923600 8487600 8828400 9008400 13434000 14323200 15991200 17059200 16748400 16492800 16548000 15372000 14474400 14607600 14121600 14032800 15682800 7984800 8958000 8089200 8319600 7690800 8841600 8935200 8978400 9164400 11235600 10588800 10310040 10729200 10933200 12234000 11299200 11803200 12896400 13399200 12373200 12124800 11728800 11824800 12337200 12981600 7639200 8366400 9301200 9688800 10821600 10508400 11395000 11511600 12476400 143.48 163.81 188.51 188.86 212.49 223.18 235.21 331.15 352.92 386.19 405.16 384.96 401.68 400.63 362.70 347.68 344.81 340.82 354.61 382.82 199.18 220.55 205.91 211.32 198.31 228.11 229.50 230.03 235.25 316.62 309.30 297.61 312.76 316.57 378.03 344.74 346.19 358.00 361.91 366.93 366.05 333.80 337.30 357.29 376.99 233.99 39.34 317.54 327.14 367.99 346.78 379.31 372.57 413.78

13-Nov 14-Nov 15-Nov 17-Nov 18-Nov 19-Nov 20-Nov 21-Nov 24-Nov 25-Nov 26-Nov 28-Nov 1-Dec 2-Dec 3-Dec 4-Dec 5-Dec 8-Dec 9-Dec 10-Dec 11-Dec 12-Dec 15-Dec 16-Dec 17-Dec 18-Dec 19-Dec 22-Dec 23-Dec 24-Dec 26-Dec 29-Dec 30-Dec 31-Dec 14-Jan 15-Jan 19-Jan 20-Jan 21-Jan 22-Jan 27-Jan 28-Jan 29-Jan 4-Feb 5-Feb 6-Feb 9-Feb 11-Feb 12-Feb 13-Feb 16-Feb 17-Feb 18-Feb 19-Feb 325.90 312.60 261.70 319.65 314.40 312.25 314.90 313.25 315.50 323.50 327.60 329.85 345.85 348.55 344.00 350.15 330.20 325.50 337.95 334.75 336.75 343.75 360.60 353.90 351.75 351.20 355.70 357.90 353.70 358.50 358.40 370.90 365.45 366.10 364.00 341.65 332.80 320.55 314.70 312.80 342.35 333.10 329.75 304.80 310.30 319.70 328.25 334.60 332.30 337.75 336.45 340.70 334.85 312.55 326.60 314.40 263.00 321.40 316.00 313.80 315.20 314.25 316.45 324.15 0.00 333.05 349.05 350.25 348.40 352.00 332.35 328.75 340.65 336.50 338.35 345.40 361.65 354.65 352.30 352.80 356.15 359.35 354.70 359.80 363.95 375.55 369.10 369.75 369.10 351.05 335.80 321.45 314.90 312.25 343.25 333.75 331.30 306.45 309.95 319.65 328.35 335.65 332.80 338.70 336.80 341.75 335.60 312.85 0.54 0.44 0.21 0.49 0.49 0.47 0.50 0.47 0.49 0.53 0.57 0.37 0.54 0.60 0.59 0.67 0.56 0.49 0.59 0.58 0.59 0.68 0.84 0.83 0.83 0.80 0.81 0.84 0.82 0.83 0.49 0.54 0.57 0.55 0.34 0.32 0.26 0.25 0.25 0.26 0.30 0.30 0.29 0.37 0.42 0.47 0.50 0.64 0.66 0.67 0.67 0.68 0.64 0.46 0.39 0.50 0.11 0.49 0.50 0.44 0.51 0.56 0.55 0.54 0.41 0.31 0.37 0.50 0.63 0.75 0.59 0.78 0.63 0.50 0.33 0.57 0.42 0.61 0.51 0.50 0.42 0.33 0.41 0.39 0.25 0.25 0.27 0.20 0.17 0.18 0.28 0.20 0.23 0.33 0.46 0.43 0.47 0.56 0.40 0.55 0.39 0.63 0.66 0.92 0.62 0.61 0.56 0.57 6141600 6424800 6399600 6388800 6592800 6577200 5982000 6183600 6399600 6571200 7070400 5772000 6530400 5850000 6200400 6676800 6248400 7510800 6991200 6950400 6806400 6552000 6496800 6283200 6208800 6754800 6418800 6958800 6826800 7342800 6582000 7191600 7129200 7363200 11481600 11852400 12283200 11563200 10518000 9010800 8763600 8490000 8896800 6633600 6189600 5769600 5570400 4630800 4635600 4624800 4650000 4765200 4748400 5289600 3286800 3867600 4087200 4051200 4209600 4542000 4471200 4458000 4531200 4371600 4644000 955200 1209600 1375200 1575600 1611600 1864800 2257200 2313600 2486400 2593200 2569200 2396400 2577600 2722800 2841600 2865600 2828400 2948400 3118800 970800 1182000 1312800 1443600 4114800 4585200 5829600 5979600 6303600 6151200 5769600 5672400 5880000 1818000 1938000 2011200 2020800 2104800 2115600 2156400 2206800 2325600 2560800 3134400 1783200 1698000 1837200 1988400 2074800 2119200 2250000 2076000 2227200 2311200 2632800 351600 656400 830400 930000 1080000 1036800 1100400 1359600 1436400 1538400 1736400 2011200 2142000 2270400 2264400 2334000 2372400 2410800 2584800 477600 639600 750000 799200 1419600 1474800 1492800 1509600 1545600 1596000 1707600 1725600 1722000 673200 820800 936000 1010400 1352400 1402800 1442400 1473600 1574400 1642800 1442400 11211600 11990400 12324000 12428400 12877200 13238400 12703200 12717600 13158000 13254000 14347200 7078800 8396400 8055600 8706000 9368400 9150000 10868400 10664400 10873200 10938000 10857600 10904400 11002800 11202000 11860800 11618400 12159600 12186000 13046400 8030400 9013200 9192000 9606000 17016000 17912400 19605600 19052400 18367200 16758000 16240800 15888000 16498800 9124800 8948400 8716800 8601600 8088000 8154000 8223600 8330400 8665200 8952000 9866400 365.39 374.82 385.00 397.27 404.86 413.37 400.02 398.38 415.13 428.77 470.01 233.49 290.39 280.78 299.49 328.03 302.13 353.77 360.40 363.98 368.34 373.23 393.21 389.39 394.03 416.55 413.27 435.19 431.02 467.71 287.81 334.30 335.92 351.68 605.17 652.01 652.47 610.72 578.02 524.19 556.00 529.23 544.05 278.12 277.67 278.68 282.35 270.62 270.96 277.75 280.28 295.22 299.76 308.37

20-Feb 23-Feb 24-Feb 25-Feb 26-Feb 27-Feb 1-Mar 3-Mar 4-Mar 5-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 22-Mar 23-Mar 24-Mar 25-Mar 26-Mar 29-Mar 30-Mar 31-Mar 1-Apr 2-Apr 5-Apr 6-Apr 7-Apr 8-Apr 12-Apr 13-Apr 15-Apr 16-Apr 17-Apr 19-Apr 20-Apr 21-Apr 22-Apr 23-Apr 27-Apr 28-Apr 29-Apr 30-Apr 3-May 4-May 5-May 6-May 7-May 10-May 309.85 300.45 301.60 294.25 290.20 309.00 319.75 310.15 311.00 308.90 302.95 299.60 294.55 292.55 292.55 292.80 297.20 301.10 292.95 359.50 296.40 297.35 297.80 305.95 320.65 314.45 301.55 293.65 305.95 306.50 313.90 309.65 314.85 310.40 315.55 334.30 326.75 334.30 333.15 324.00 328.90 333.90 331.55 324.15 318.95 315.90 321.25 320.45 310.10 323.95 324.95 329.05 319.80 304.75 309.90 300.65 302.25 294.65 291.05 310.60 320.60 311.25 311.80 310.15 304.55 301.45 295.85 293.35 293.35 292.30 296.20 300.85 292.75 359.15 295.20 296.80 297.90 304.25 319.50 314.40 302.20 295.00 305.95 306.75 313.35 310.25 315.70 311.70 314.65 334.80 327.40 334.95 334.00 324.65 329.45 334.25 332.40 324.20 317.95 315.65 319.25 319.65 311.05 322.70 325.10 328.25 320.10 305.85 0.46 0.38 0.35 0.35 0.29 0.40 0.51 0.46 0.48 0.41 0.36 0.34 0.32 0.32 0.32 0.34 0.37 0.41 0.42 0.23 0.51 0.53 0.55 0.60 0.50 0.51 0.46 0.42 0.47 0.54 0.60 0.58 0.61 0.60 0.60 0.80 0.81 0.86 0.86 0.77 0.78 0.79 0.77 0.77 0.68 0.69 0.64 0.25 0.27 0.28 0.29 0.32 0.31 0.31 0.56 0.63 0.59 0.48 0.49 0.43 0.35 0.41 0.32 0.41 0.42 0.44 0.41 0.49 0.49 0.53 0.58 0.46 0.47 0.21 0.56 0.72 0.58 0.51 0.40 0.56 0.61 0.40 0.41 0.56 0.43 0.54 0.43 0.30 0.40 0.49 0.40 0.34 0.37 0.54 0.42 0.42 0.35 0.47 0.60 0.84 0.50 0.33 0.33 0.22 0.25 0.32 0.39 0.54 5422800 5820000 5668800 5492400 6003600 4968000 4891200 5833200 5413200 5396400 5865600 6788400 6843600 6421200 6421200 5518800 5361600 5312400 4708800 5229600 4492800 4680000 4423200 4824000 3730800 3350400 3852000 4382400 4239600 4555200 3764400 3902400 3990000 4131600 3392400 4588800 4496400 4752000 4882800 4136400 4318800 4280400 4168800 3740400 3531600 3566400 3612000 2649600 2714400 2632800 2518800 2601600 2433600 3049200 3374400 3633600 4114800 4290000 4548000 967200 1087200 1384800 1453200 1785600 2139600 2389200 2714400 2880000 2880000 2888400 2952000 2847600 2991600 2805600 2862000 3093600 3182400 3318000 928800 1035600 1318800 1777200 1840800 1936800 1935600 2122800 2194800 2217600 2402400 2302800 2312400 2342400 2367600 2457600 2541600 2738400 3009600 3045600 3349200 3337200 3559200 834000 1041600 1214400 1328400 1392000 1431600 1651200 1540800 1392000 1436400 1496400 1316400 382800 550800 639600 694800 740400 780000 806400 859200 926400 926400 978000 1087200 1174800 1266000 1454400 1472400 1638000 1738800 1988400 465600 525600 610800 740400 864000 1053600 1158000 1233600 1329600 1336800 1430400 1848000 1874400 2016000 2029200 1903200 1993200 2170800 2324400 2334000 2268000 2316000 2281200 212400 282000 344400 388800 441600 447600 508800 10338000 10845600 11220000 11278800 11868000 6318000 6529200 7857600 7561200 7922400 8785200 9984000 10417200 10227600 10227600 9385200 9400800 9334800 8966400 9489600 8827200 9411600 9344400 10130400 5125200 4911600 5781600 6900000 6944400 7545600 6858000 7258800 7514400 7686000 7225200 8739600 8683200 9110400 9279600 8497200 8853600 9189600 9502800 9120000 9148800 9219600 9452400 3696000 4038000 4191600 4236000 4435200 4312800 5209200 320.32 325.86 338.40 331.88 344.41 195.23 208.77 243.70 235.15 244.72 266.15 299.12 306.84 299.21 299.21 274.80 279.39 281.07 262.67 291.43 261.64 279.85 278.28 309.94 164.34 154.45 174.34 202.62 212.46 231.27 215.27 224.77 236.59 238.57 227.99 292.16 283.72 304.56 309.15 275.31 291.19 306.84 315.07 295.62 291.80 291.25 303.66 118.44 125.22 135.79 137.65 145.94 137.92 158.75

11-May 12-May 13-May 14-May 17-May 18-May 19-May 20-May 21-May 24-May 25-May 26-May 27-May 28-May 31-May 1-Jun 2-Jun 3-Jun 4-Jun 7-Jun 8-Jun 9-Jun 10-Jun 11-Jun 296.90 296.85 311.70 312.50 292.50 307.80 312.30 303.75 303.20 328.30 322.55 321.85 320.30 305.15 313.80 314.25 318.05 310.30 308.60 319.20 308.35 306.75 309.65 301.00 296.25 296.35 310.90 311.95 287.70 306.55 311.90 303.30 303.55 303.55 322.65 321.85 319.90 304.80 313.10 313.45 317.70 307.95 308.05 317.10 307.60 306.20 309.30 300.40 0.31 0.34 0.38 0.41 0.37 0.38 0.42 0.43 0.42 0.42 0.58 0.57 0.57 0.32 0.42 0.41 0.45 0.48 0.49 0.59 0.49 0.46 0.51 0.46 0.42 0.43 0.50 0.68 1.50 0.65 0.55 0.53 0.40 0.40 0.45 0.50 0.53 0.45 0.49 0.42 0.53 0.80 0.76 0.56 0.56 0.39 0.44 0.49 3183600 3145200 3110400 2164800 1938000 2101200 2311200 2391600 2546400 2546400 3463200 3642000 3610800 2583600 2767200 2892000 3021600 2978400 3224400 3595200 3883200 3882000 3880800 3838800 1852800 1946400 1866000 1825200 1843200 1784400 1784400 1786800 1834800 1834800 2238000 2310000 2488800 1024800 1276800 1453200 1509600 1561200 1834800 1891200 2235600 2401200 2452800 2770800 583200 657600 703200 741600 676800 681600 748800 766800 763200 763200 1304400 1322400 1425600 326400 540000 598800 680400 748800 890400 1112400 1084800 1096800 1255200 1287600 5619600 5749200 5679600 4731600 4458000 4567200 4844400 4945200 5144400 5144400 7005600 7274400 7525200 3934800 4584000 4944000 5211600 5288400 5949600 6598800 7203600 7380000 7588800 7897200 166.85 170.67 177.03 147.86 130.40 140.58 151.29 150.21 155.98 168.89 225.97 234.13 241.03 120.07 143.85 155.37 165.75 164.10 183.60 210.63 222.12 226.38 234.99 237.71
TISCO
Date
2003 17-Mar 19-Mar 20-Mar 21-Mar 22-Mar 24-Mar 25-Mar 26-Mar 27-Mar 28-Mar 31-Mar 1-Apr 3-Apr 16-Apr 17-Apr 21-Apr 22-Apr 23-Apr 24-Apr 25-Apr 28-Apr 29-Apr 2-May 5-May 6-May 7-May 8-May 9-May 12-May 13-May 14-May 15-May 16-May 19-May 20-May 21-May 22-May 23-May 26-May 27-May 28-May 29-May
Cas h
134.30 135.75 139.35 140.90 143.90 138.10 137.80 137.70 135.60 133.85 133.20 135.50 138.50 134.00 131.70 133.15 131.85 128.65 127.25 128.00 131.10 129.85 132.40 135.50 135.65 133.80 131.90 133.60 133.80 134.80 136.35 139.30 139.00 139.05 140.25 141.30 142.90 145.20 146.00 142.70 146.70 153.15
F& O
135.70 134.55 139.55 141.15 143.90 138.40 137.85 137.80 136.70 134.40 134.15 135.40 139.10 134.25 132.00 133.20 132.00 128.75 126.80 128.70 131.90 130.50 132.95 136.05 136.10 134.20 132.20 134.10 134.00 135.20 137.00 139.80 139.35 139.40 140.70 141.70 143.10 145.85 146.50 143.05 147.00 153.30
OI
0.29 0.29 0.30 0.30 0.30 0.29 0.30 0.29 0.32 0.40 0.41 0.41 0.41 0.43 0.43 0.43 0.39 0.37 0.39 0.37 0.37 0.35 0.36 0.38 0.38 0.37 0.38 0.38 0.38 0.37 0.38 0.38 0.40 0.42 0.42 0.42 0.44 0.48 0.49 0.47 0.49 0.49
Volume
0.45 0.25 0.31 0.26 0.40 0.33 0.40 0.44 0.52 0.41 0.32 0.32 0.27 0.64 0.58 0.58 0.44 0.66 0.98 0.39 0.31 0.32 0.34 0.30 0.23 0.24 0.56 0.25 0.22 0.25 0.29 0.22 0.27 0.23 0.23 0.20 0.28 0.22 0.23 0.21 0.26 0.26
Futur e
11404800 11282400 11300400 11322000 11392200 11183400 11421000 11365200 12191400 9844200 9685800 9723600 9847800 10647000 10798200 10798200 10886400 11260800 11768400 8267400 9610200 9574200 9752400 9829800 9725400 9671400 9900000 9950400 9912600 9905400 10549800 10537200 10231200 10126800 10281600 10242000 10180800 10562400 10918800 10638000 10917000 12292200
Call
8571600 8605800 8730000 8841600 8710200 9034200 9208800 9333000 9932400 3844800 4244400 4244400 4906800 6393600 6588000 6588000 6721200 7011000 6872700 2127600 2536200 2829600 3205800 3398400 3580200 3828600 4026600 4300200 4429800 4534200 4779000 4946400 5099400 5173200 5463000 5731200 5875200 5619600 5808600 6316200 6483600 6483600
Put
2496600 2520000 2586600 2676600 2651400 2644200 2763000 2737800 3150000 1542600 1728000 1728000 1998000 2741400 2813400 2813400 2653200 2599200 2651100 790200 930600 1002600 1143000 1303200 1364400 1434600 1515600 1625400 1670400 1688400 1794600 1897200 2044800 2165400 2286000 2403000 2611800 2682000 2831400 2957400 3155400 3155400
Total
22473000 22408200 22617000 22840200 22753800 22861800 23392800 23436000 25273800 15231600 15658200 15696000 16752600 19782000 20199600 20199600 20260800 20871000 21292200 11185200 13077000 13406400 14101200 14531400 14670000 14934600 15442200 15876000 16012800 16128000 17123400 17380800 17375400 17465400 18030600 18376200 18667800 18864000 19558800 19911600 20556000 21931200
OI in Rs. Crore s
309.56 314.98 317.59 321.82 318.59 315.72 322.35 322.71 341.58 203.87 208.57 212.68 232.02 265.08 266.03 268.96 267.14 268.51 270.94 143.17 171.44 174.08 186.70 196.90 199.00 199.82 203.68 212.10 214.25 217.41 233.48 242.11 241.52 242.86 252.88 259.66 266.76 273.91 285.56 284.14 301.56 335.88

30-May 2-Jun 9-Jun 10-Jun 11-Jun 12-Jun 13-Jun 16-Jun 17-Jun 18-Jun 19-Jun 20-Jun 23-Jun 24-Jun 25-Jun 26-Jun 27-Jun 2-Jul 3-Jul 4-Jul 7-Jul 8-Jul 9-Jul 10-Jul 11-Jul 14-Jul 15-Jul 16-Jul 17-Jul 18-Jul 21-Jul 22-Jul 23-Jul 28-Jul 29-Jul 1-Aug 4-Aug 5-Aug 6-Aug 7-Aug 8-Aug 11-Aug 12-Aug 13-Aug 14-Aug 18-Aug 19-Aug 20-Aug 21-Aug 22-Aug 25-Aug 26-Aug 27-Aug 28-Aug 90.20 157.70 155.55 151.00 151.45 150.05 150.10 147.95 150.65 153.10 157.25 157.50 158.00 159.85 162.00 158.90 166.75 173.05 172.35 172.60 175.45 175.35 172.25 177.30 183.85 189.95 198.70 198.70 195.65 196.85 191.00 185.90 186.40 202.95 210.35 214.00 218.55 215.70 216.60 224.25 233.00 236.80 236.75 239.75 242.85 258.35 251.05 243.30 246.75 252.60 240.95 255.70 253.70 245.75 150.70 150.00 156.25 152.05 152.55 151.10 151.10 148.80 151.40 153.65 157.55 157.90 158.35 160.35 162.60 160.95 168.65 175.00 174.00 174.45 177.85 176.95 176.95 179.15 185.55 191.55 200.65 200.65 197.25 198.75 192.35 186.85 187.00 203.55 211.00 216.75 220.90 218.05 218.90 226.65 233.50 238.05 238.40 241.75 244.55 260.40 253.90 246.10 248.25 253.65 241.30 256.50 254.90 245.95 0.31 0.29 0.35 0.33 0.31 0.29 0.29 0.27 0.27 0.26 0.29 0.29 0.34 0.35 0.36 0.36 0.26 0.30 0.32 0.31 0.34 0.35 0.35 0.34 0.40 0.43 0.45 0.45 0.45 0.43 0.40 0.38 0.38 0.45 0.50 0.24 0.29 0.30 0.32 0.39 0.52 0.55 0.51 0.52 0.54 0.61 0.58 0.56 0.55 0.55 0.51 0.53 0.55 0.50 0.31 0.20 0.22 0.23 0.19 0.18 0.18 0.21 0.20 0.27 0.24 0.21 0.28 0.24 0.26 0.26 0.23 0.21 0.20 0.26 0.21 0.23 0.23 0.20 0.26 0.22 0.23 0.23 0.28 0.29 0.21 0.24 0.27 0.21 0.22 0.17 0.25 0.29 0.28 0.29 0.34 0.29 0.29 0.33 0.29 0.26 0.25 0.30 0.23 0.22 0.33 0.23 0.21 0.28 10648800 11284200 12202200 11935800 11530800 11718000 11408400 11430000 11572200 11311200 10490400 10470600 10621800 11255400 11647800 12331800 11332800 12076200 11770200 12063600 12729600 12456000 12456000 12733200 12119400 12294000 11908800 11908800 11570400 11718000 11908800 11617200 11104200 10861200 11871000 11086200 11784600 11970000 12331800 13024800 11856600 12245400 12342600 13330800 13181400 13271400 13384800 12828600 12636000 12430800 12162600 12200400 12079800 12726000 2900700 5198400 6528600 7212600 7981200 8328600 8569800 9027000 9262800 9117000 8695800 8890200 8956800 9172800 9122400 9493200 4626000 6116400 6463800 6793200 6564600 6933600 6933600 7398000 7043400 7432200 8271000 8271000 8658000 9160200 10056600 10589400 11026800 9369000 8694000 4595400 5144400 5657400 6219000 6370200 5866200 6467400 7392600 7659000 7774200 7902000 8602200 9018000 9093600 8910000 9406800 9007200 8877600 9739800 894300 1531800 2293200 2390400 2446200 2430000 2482200 2473200 2489400 2413800 2530800 2610000 3025800 3205800 3312000 3402000 1200600 1855800 2041200 2133000 2228400 2397600 2397600 2511000 2797200 3180600 3709800 3709800 3889800 3933000 4060800 4032000 4156200 4257000 4318200 1112400 1476000 1719000 1967400 2498400 3061800 3544200 3799800 3983400 4208400 4784400 4968000 5025600 4973400 4914000 4786200 4795200 4842000 4845600 14443800 18014400 21024000 21538800 21958200 22476600 22460400 22930200 23324400 22842000 21717000 21970800 22604400 23634000 24082200 25227000 17159400 20048400 20275200 20989800 21522600 21787200 21787200 22642200 21960000 22906800 23889600 23889600 24118200 24811200 26026200 26238600 26287200 24487200 24883200 16794000 18405000 19346400 20518200 21893400 20784600 22257000 23535000 24973200 25164000 25957800 26955000 26872200 26703000 26254800 26355600 26002800 25799400 27311400 130.28 284.09 327.03 325.24 332.56 337.26 337.13 339.25 351.38 349.71 341.50 346.04 357.15 377.79 390.13 400.86 286.13 346.94 349.44 362.28 377.61 382.04 375.28 401.45 403.73 435.11 474.69 474.69 471.87 488.41 497.10 487.78 489.99 496.97 523.42 359.39 402.24 417.30 444.42 490.96 484.28 527.05 557.19 598.73 611.11 670.62 676.71 653.80 658.90 663.20 635.04 664.89 654.53 671.18

29-Aug 1-Sep 2-Sep 3-Sep 4-Sep 5-Sep 8-Sep 9-Sep 10-Sep 11-Sep 12-Sep 15-Sep 16-Sep 17-Sep 18-Sep 19-Sep 22-Sep 23-Sep 24-Sep 25-Sep 26-Sep 29-Sep 30-Sep 1-Oct 3-Oct 6-Oct 7-Oct 8-Oct 9-Oct 10-Oct 13-Oct 14-Oct 15-Oct 16-Oct 17-Oct 20-Oct 21-Oct 22-Oct 23-Oct 24-Oct 25-Oct 27-Oct 28-Oct 29-Oct 30-Oct 31-Oct 3-Nov 4-Nov 5-Nov 6-Nov 7-Nov 10-Nov 11-Nov 12-Nov 253.35 253.95 252.90 252.95 257.50 267.20 266.00 257.90 259.80 257.25 251.95 248.20 262.90 261.80 250.30 255.15 246.75 255.50 260.10 261.05 265.75 269.10 271.35 270.35 281.10 291.50 304.10 303.80 311.25 318.90 340.80 326.80 343.10 360.20 355.80 345.10 334.00 340.85 337.80 341.35 345.50 329.55 327.85 330.45 348.10 357.85 240.10 371.70 368.40 375.10 366.70 369.85 365.65 364.75 258.55 257.45 256.55 255.30 260.10 270.20 268.60 260.35 262.75 262.60 254.20 249.00 263.50 262.20 250.90 255.45 247.00 255.75 260.50 577.00 269.05 272.25 273.95 272.85 282.15 292.25 303.65 305.10 313.50 320.50 341.40 327.55 344.30 361.75 357.50 346.90 335.30 342.15 339.05 344.30 346.85 330.55 328.20 331.40 347.40 361.55 242.50 375.65 372.25 379.85 370.75 373.90 368.80 368.50 0.20 0.18 0.19 0.22 0.26 0.29 0.28 0.26 0.25 0.25 0.24 0.23 0.23 0.24 0.24 0.24 0.24 0.25 0.27 0.31 0.19 0.23 0.23 0.23 0.27 0.28 0.34 0.34 0.37 0.38 0.42 0.39 0.41 0.46 0.45 0.42 0.39 0.39 0.39 0.39 0.39 0.37 0.38 0.38 0.41 0.16 0.17 0.20 0.21 0.24 0.21 0.21 0.20 0.20 0.18 0.16 0.18 0.22 0.24 0.17 0.15 0.16 0.21 0.17 0.18 0.21 0.20 0.18 0.20 0.18 0.29 0.21 0.21 0.21 0.19 0.18 0.21 0.14 0.30 0.21 0.25 0.27 0.26 0.24 0.26 0.20 0.19 0.25 0.16 0.29 0.24 0.24 0.21 0.28 0.10 0.23 0.26 0.29 0.22 0.16 0.14 0.15 0.19 0.17 0.17 0.15 0.26 0.22 12956400 13239000 13555800 13563000 13950000 14421600 14079600 13933800 14223600 14146200 13948200 13420800 12596400 12344400 12565800 12655800 12871800 12816000 13185000 14166000 13523400 14173200 14367600 14221800 13478400 12753000 11260800 11298600 11872800 11667600 11642400 11370600 11689200 11707200 11667600 11460600 11390400 11251800 11230200 11712600 11527200 11993400 11840400 12366000 12895200 10492200 10639800 10958400 11113200 11604600 11262600 8324400 11509200 11953800 5083200 6197400 6663600 7734600 8040600 7567200 8208000 9050400 9846000 9963000 10616400 11064600 10481400 10378800 10751400 10886400 11154600 10787400 10432800 9878400 4737600 5902200 6395400 6706800 6685200 6825600 6586200 7050600 6931800 6791400 6789600 7500600 7579800 7758000 8145000 8366400 8757000 8893800 9070200 9122400 9183600 9565200 9673200 9838800 10006200 4136400 4917600 5427000 5778000 5864400 6253200 2562000 6579000 6858000 1029600 1139400 1279800 1693800 2086200 2188800 2284200 2354400 2424600 2471400 2547000 2520000 2422800 2493000 2575800 2619000 2649600 2694600 2784600 3069000 880200 1344600 1456200 1535400 1798200 1917000 2235600 2379600 2541600 2579400 2842200 2943000 3110400 3596400 3686400 3529800 3452400 3463200 3508200 3578400 3565800 3538800 3681000 3726000 4107600 662400 1022400 1107000 1207800 1378800 1330200 159600 1319400 1391400 19069200 20575800 21499200 22991400 24076800 24177600 24571800 25338600 26494200 26580600 27111600 27005400 25500600 25216200 25893000 26161200 26676000 26298000 26402400 27113400 19141200 21420000 22219200 22464000 21961800 21495600 20082600 20728800 21346200 21038400 21274200 21814200 22379400 23061600 23499000 23356800 23599800 23608800 23808600 24413400 24276600 25097400 25194600 25930800 27009000 15291000 16579800 17492400 18099000 18847800 18846000 11046000 19407600 20203200 483.12 522.52 543.71 581.57 619.98 646.03 653.61 653.48 688.32 683.79 683.08 670.27 670.41 660.16 648.10 667.50 658.23 671.91 686.73 707.80 508.68 576.41 602.92 607.31 617.35 626.60 610.71 629.74 664.40 670.91 725.02 712.89 767.84 830.68 836.09 806.04 788.23 804.71 804.25 833.35 838.76 827.08 826.00 856.88 940.18 547.19 186.39 650.19 666.77 706.98 691.08 722.25 709.64 736.91

13-Nov 14-Nov 15-Nov 17-Nov 18-Nov 19-Nov 20-Nov 21-Nov 24-Nov 25-Nov 26-Nov 28-Nov 1-Dec 2-Dec 3-Dec 4-Dec 5-Dec 8-Dec 9-Dec 10-Dec 11-Dec 12-Dec 15-Dec 16-Dec 17-Dec 18-Dec 19-Dec 22-Dec 23-Dec 24-Dec 26-Dec 29-Dec 30-Dec 31-Dec 14-Jan 15-Jan 19-Jan 20-Jan 21-Jan 22-Jan 27-Jan 28-Jan 29-Jan 4-Feb 5-Feb 6-Feb 9-Feb 11-Feb 12-Feb 13-Feb 16-Feb 17-Feb 18-Feb 19-Feb 357.20 351.50 353.55 365.90 355.35 345.10 336.65 344.00 348.25 351.90 353.50 360.90 369.65 369.70 365.25 366.25 355.15 360.70 364.25 366.35 366.05 377.75 391.90 387.20 383.95 396.30 395.80 401.35 395.45 411.05 423.90 439.80 430.70 443.30 456.35 440.95 455.70 441.20 417.55 395.70 443.50 434.90 431.00 415.50 400.45 413.30 422.75 430.35 426.65 438.45 443.85 453.90 449.90 437.05 358.95 353.35 355.80 368.20 356.60 346.45 337.75 345.30 349.15 352.50 606.10 364.95 373.30 372.90 370.55 370.15 357.20 364.15 367.60 367.85 367.75 380.00 392.80 388.10 385.05 397.60 396.40 403.20 396.15 409.45 430.15 445.55 436.15 448.20 463.35 450.15 458.50 442.25 418.50 396.50 445.25 436.25 433.45 417.85 401.20 414.65 425.05 431.95 428.20 440.35 445.40 455.90 451.30 438.20 0.19 0.18 0.17 0.20 0.19 0.18 0.18 0.18 0.20 0.20 0.25 0.23 0.26 0.28 0.26 0.26 0.24 0.26 0.29 0.31 0.33 0.41 0.50 0.49 0.48 0.52 0.51 0.52 0.52 0.50 0.28 0.32 0.34 0.33 0.29 0.29 0.28 0.27 0.26 0.24 0.24 0.24 0.23 0.26 0.27 0.28 0.31 0.34 0.33 0.37 0.39 0.42 0.42 0.41 0.28 0.21 0.25 0.23 0.27 0.31 0.38 0.42 0.23 0.30 0.26 0.17 0.21 0.24 0.19 0.23 0.23 0.26 0.24 0.21 0.37 0.25 0.27 0.28 0.30 0.22 0.26 0.26 0.25 0.21 0.26 0.24 0.20 0.17 0.17 0.17 0.21 0.22 0.28 0.28 0.26 0.25 0.20 0.25 0.26 0.27 0.36 0.24 0.31 0.29 0.22 0.20 0.26 0.26 11590200 11444400 11485800 11669400 11161800 11053800 11026800 10857600 11143800 11129400 11835000 10864800 11658600 11898000 12020400 11989800 11914200 12103200 12290400 12357000 12200400 13312800 13102200 12825000 13060800 13312800 12911400 13374000 13510800 13806000 12141000 12303000 12335400 12740400 13809600 13739400 13438800 13071600 12290400 11820600 12261600 12756600 13856400 13482000 13568400 12862800 13125600 12967200 13127400 13908600 14311800 14428800 14157000 13806000 7029000 7515000 7619400 7533000 7725600 8103600 8402400 8483400 8240400 8098200 8463600 2278800 2489400 2732400 3033000 3276000 3758400 3916800 3839400 3976200 4001400 3907800 3974400 4041000 4204800 4329000 4449600 4699800 4807800 5252400 2818800 2905200 3175200 3492000 5333400 5677200 5749200 5945400 6296400 6748200 6467400 6438600 6984000 3409200 3691800 3924000 4024800 4143600 4289400 4289400 4381200 4383000 4507200 4887000 1305000 1315800 1328400 1506600 1499400 1438200 1476000 1512000 1612800 1600200 2075400 513000 644400 754200 802800 864000 892800 1035000 1126800 1229400 1314000 1585800 1972800 1987200 2019600 2255400 2257200 2431800 2494800 2640600 795600 927000 1074600 1152000 1560600 1623600 1632600 1611000 1620000 1603800 1549800 1567800 1580400 871200 1004400 1080000 1236600 1389600 1436400 1575000 1697400 1839600 1908000 2005200 19924200 20275200 20433600 20709000 20386800 20595600 20905200 20853000 20997000 20827800 22374000 13656600 14792400 15384600 15856200 16129800 16565400 17055000 17256600 17562600 17515800 18806400 19049400 18853200 19285200 19897200 19618200 20505600 20813400 21699000 15755400 16135200 16585200 17384400 20703600 21040200 20820600 20628000 20206800 20172600 20278800 20763000 22420800 17762400 18264600 17866800 18387000 18500400 18853200 19773000 20390400 20651400 20572200 20698200 711.69 712.67 722.43 757.74 724.44 710.75 703.77 717.34 731.22 732.93 790.92 492.87 546.80 568.77 579.15 590.75 588.32 615.17 628.57 643.41 641.17 710.41 746.55 730.00 740.46 788.53 776.49 822.99 823.07 891.94 667.87 709.63 714.32 770.65 929.80 960.17 948.79 910.11 843.73 798.23 899.36 902.98 966.34 738.03 731.41 738.43 777.31 796.16 804.37 866.95 905.03 937.37 925.54 904.61

20-Feb 23-Feb 24-Feb 25-Feb 26-Feb 27-Feb 1-Mar 3-Mar 4-Mar 5-Mar 8-Mar 9-Mar 10-Mar 11-Mar 12-Mar 15-Mar 16-Mar 17-Mar 18-Mar 19-Mar 22-Mar 23-Mar 24-Mar 25-Mar 26-Mar 29-Mar 30-Mar 31-Mar 1-Apr 2-Apr 5-Apr 6-Apr 7-Apr 8-Apr 12-Apr 13-Apr 15-Apr 16-Apr 17-Apr 19-Apr 20-Apr 21-Apr 22-Apr 23-Apr 27-Apr 28-Apr 29-Apr 30-Apr 3-May 4-May 5-May 6-May 7-May 10-May 439.30 433.30 443.40 428.40 423.30 427.35 436.15 440.50 428.35 442.60 449.70 442.50 435.60 420.35 420.35 391.80 392.15 395.95 384.25 389.40 365.60 364.75 355.70 368.55 375.95 379.70 382.05 383.65 392.85 403.30 406.10 396.85 392.90 399.80 396.00 403.35 393.80 395.95 395.25 391.45 398.40 413.15 410.05 409.80 379.35 384.30 368.20 357.95 342.50 349.90 354.85 366.40 346.05 332.25 440.20 433.70 444.35 429.00 423.80 430.55 438.25 441.75 429.40 444.70 452.35 445.50 437.70 422.65 422.65 392.60 393.45 397.15 385.20 390.30 366.50 365.15 356.05 367.05 378.15 381.75 381.75 384.50 394.25 404.35 406.55 398.10 394.90 401.25 397.00 405.30 395.65 397.60 396.75 392.30 399.50 414.40 411.85 411.35 380.25 384.70 368.80 360.20 344.85 351.50 356.75 368.15 348.00 334.70 0.46 0.41 0.45 0.42 0.44 0.37 0.38 0.42 0.38 0.41 0.47 0.46 0.42 0.37 0.37 0.29 0.30 0.29 0.29 0.29 0.25 0.25 0.25 0.20 0.44 0.34 0.52 0.42 0.45 0.45 0.45 0.45 0.40 0.43 0.43 0.45 0.40 0.39 0.39 0.37 0.38 0.46 0.47 0.48 0.34 0.33 0.30 0.26 0.30 0.29 0.31 0.30 0.28 0.26 0.42 0.35 0.40 0.48 0.47 0.26 0.25 0.27 0.26 0.25 0.22 0.23 0.28 0.37 0.37 0.35 0.35 0.38 0.38 0.46 0.46 0.37 0.43 0.52 0.46 0.35 0.58 0.35 0.32 0.29 0.29 0.47 0.29 0.31 0.26 0.24 0.21 0.17 0.19 0.24 0.28 0.23 0.24 0.23 0.51 0.40 0.61 0.27 0.27 0.17 0.25 0.28 0.24 0.20 13980600 13861800 13874400 13782600 14229000 12418200 12706200 12951000 12807000 13177800 13557600 13482000 13485600 13163400 13163400 12699900 12362400 12206700 12162600 12024000 11649600 11520000 11826000 12450600 11156400 11156400 10478700 10641600 11052000 10976400 10545300 10318500 10783800 10763100 10514700 10769400 12945600 12811500 12771000 12258000 12779100 13855500 15115500 15380100 14265900 14041800 15861600 14778000 15917400 15658200 15516900 15492600 16632900 18238500 4910400 5250600 5023800 5378400 5608800 2106000 2388600 2619000 2905200 2946600 3013200 3052800 3252600 3726000 3726000 4671900 4744800 4600800 4701600 4813200 5161500 5354100 5683500 5946300 1386900 1451700 1624500 1708200 1771200 1939500 2136600 2217600 2543400 2558700 2632500 2603700 3038400 3106800 3168000 3412800 3507300 3252600 3373200 3450600 3996900 4185900 4776300 2184300 2899800 3141900 3318300 3332700 3969900 4783500 2262600 2149200 2257200 2237400 2442600 783000 901800 1094400 1092600 1222200 1405800 1389600 1377000 1389600 1389600 1375200 1400400 1326600 1374300 1409400 1307700 1313100 1393200 1198800 612000 499500 846000 709200 795600 879300 971100 999000 1014300 1092600 1126800 1165500 1214100 1220400 1229400 1274400 1343700 1503000 1568700 1647900 1347300 1401300 1419300 565200 857700 904500 1015200 990000 1123200 1263600 21153600 21261600 21155400 21398400 22280400 15307200 15996600 16664400 16804800 17346600 17976600 17924400 18115200 18279000 18279000 18747000 18507600 18134100 18238500 18246600 18118800 18187200 18902700 19595700 13155300 13107600 12949200 13059000 13618800 13795200 13653000 13535100 14341500 14414400 14274000 14538600 17198100 17138700 17168400 16945200 17630100 18611100 20057400 20478600 19610100 19629000 22057200 17527500 19674900 19704600 19850400 19815300 21726000 24285600 929.28 921.27 938.03 916.71 943.13 654.15 697.69 734.07 719.83 767.76 808.41 793.15 789.10 768.36 768.36 734.51 725.78 718.02 700.81 710.52 662.42 663.38 672.37 722.20 494.57 497.70 494.72 501.01 535.01 556.36 554.45 537.14 563.48 576.29 565.25 586.41 677.26 678.61 678.58 663.32 702.38 768.92 822.45 839.21 743.91 754.34 812.15 627.40 673.87 689.46 704.39 726.03 751.83 806.89

11-May 12-May 13-May 14-May 17-May 18-May 19-May 20-May 21-May 24-May 25-May 26-May 27-May 28-May 31-May 1-Jun 2-Jun 3-Jun 4-Jun 7-Jun 8-Jun 9-Jun 10-Jun 11-Jun 307.20 315.75 318.20 289.30 262.90 293.50 315.15 320.40 328.65 333.40 332.85 328.45 318.65 302.80 296.25 302.45 311.45 298.05 315.45 308.70 297.70 298.15 298.60 289.95 308.35 316.60 319.70 290.05 261.60 293.55 315.60 321.10 328.80 328.80 332.65 328.40 318.90 292.50 287.05 292.80 301.90 287.60 305.45 297.40 297.65 298.20 298.80 290.00 0.26 0.26 0.26 0.24 0.22 0.21 0.23 0.24 0.20 0.20 0.21 0.20 0.21 0.11 0.12 0.13 0.15 0.15 0.17 0.18 0.21 0.21 0.21 0.21 0.23 0.22 0.22 0.21 0.41 0.17 0.19 0.18 0.22 0.22 0.28 0.30 0.32 0.16 0.15 0.12 0.15 0.19 0.17 0.25 0.30 0.22 0.35 0.33 17153100 15696000 16236900 14774400 12988800 12213900 11973600 12868200 11395800 11395800 10638900 10661400 10837800 8928900 9801000 9762300 9747900 9316800 9688500 9186300 8763300 8687700 8750700 8649000 5353200 5797800 5963400 6230700 6210900 6102000 5959800 5949900 6192000 6192000 6503400 6586200 6982200 2268000 2606400 2777400 2972700 3138300 3222000 3680100 3457800 3554100 3616200 3843000 1383300 1503000 1570500 1471500 1384200 1305900 1375200 1438200 1226700 1226700 1339200 1346400 1431900 248400 322200 369000 435600 486000 536400 666900 734400 756900 764100 823500 23889600 22996800 23770800 22476600 20583900 19621800 19308600 20256300 18814500 18814500 18481500 18594000 19251900 11445300 12729600 12908700 13156200 12941100 13446900 13533300 12955500 12998700 13131000 13315500 733.89 726.12 756.39 650.25 541.15 575.90 608.51 649.01 618.34 627.28 615.16 610.72 613.46 346.56 377.11 390.42 409.75 385.71 424.18 417.77 385.69 387.56 392.09 386.08

2100 2000 1900 1800 1700 1600 NIFTY 1500 1400 1300 1200 1100 1000 900 800 TIME NIFTY PC RATIO
N IFTY V/s PC OI
1.55 1.45 1.35 1.25 1.15 1.05 PC OI

PC VOL
0.95 0.85 0.75 0.65 0.55 0.45 0.35 0.25
2100 2000 1900 1800 1700 1600 NIFTY 1500 1400 1300 1200 1100 1000 900 800
NIFTY V/s PC VOL
1.40 1.30 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30
TIME
NIFTY
PC RATIO

2000 1900 1800 1700 OI VOL TOTAL OI RS CR. 1600 NIFTY 1500 1400 1300 1200 1100 1000 900 800 TIME NICTY VOLUME 2 8 5 17 14 11 23 20
NIFTY Vs OI Rs. Cr.

2100 2000 1900 1800 1700 1600 NIFTY 1500 1400 1300 1200 1100 1000 900 800 TIME NIFTY OI 4250 4000 3750 3500 3250 3000 2750 2500 2250 2000 1750 1500 1250 1000 750 500 250
Millions
2100
NIFTY V/s OI VOL TOTAL
26

NIFTY Vs OVERALL OI
2100 2000 1900 1800 1700 1600 OI RS. PC OI NIFTY 1500 1400 1300 1200 1100 1000 900 800 TIME NIFTY OVERALL OI 3000 1500 6000 4500 9000 7500 12000 10500 15000 13500
ACC (CASH Vs PC OI)

300 280 260 240 220 CASH 200 180 160 140 120 100 TIME PRICE PC OI 0.10 0.30 0.40 0.60 0.70
0.50
0.20

300 280 260 1.00 240 PC VOL OI VOL TOTAL Millions 220 200 180 0.40 160 140 120 0.20 0.80
ACC (CASH Vs PC VOL)
1.40
1.20
CASH
0.60
TIME
PRICE
VOLUME
0.00
300 280 260 240 220
ACC (CASH Vs OI VOL TOTAL)
17 15 13 11 9
CASH
200 180 160 140 120 TIME PRICE VOLUME 7 5 3 1

300 280 260 240 220 200 200 180 160 140 120 TIME PRICE OI Rs Cr. 150 100 50 0
ACC (CASH Vs OI Rs Cr.)
400 350 300 250 OI Rs CR. PC OI
CASH
400
SATYAM (CASH Vs PC OI)
1.40
350
1.20
1.00 300 CASH 0.80 250
0.60 200 0.40 150
0.20
100
TIME
0.00 PRICE OI

425
SATYAM (CASH VS PC VOL)
1.60 1.40
375 1.20 325 CASH 1.00 0.80 0.60 0.40 175 0.20 125 TIME PRICE VOLUME 0.00 PC VOL 26 350 23 300 CASH 20 17 250 14 200 11 8 150 5 100 TIME PRICE TOTAL 2 OI VOL TOTAL
275
225
Millions
400
SATYAM (CASH Vs OI VOL TOTAL)
29

400
SATYAM (CASH Vs OI RS CR.)
700
350
600
500 300 OI Rs. Cr. 400 CASH 250 300 200 200 150
100
100 TIME PRICE OI RS CRORES
650 620 590 560 530 500 CASH 470 440 410 380 350 320 290 260 230
RELIANCE (CASH V/s PC VOL)
1.20
1.00
0.80 PC VOL
0.60
0.40
0.20
0.00 TIME PRICE PC VOL

650 600 550 500 450 400 350 300 250 200 TIME PRICE PC OI
RELIANCE (CASH V/s PC OI)
0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0.00
CASH
REL (PRICE V/s OI VOL TOTAL)

600 15 550 500 450 CASH 400 350 300 250 5 200 150 TIME PRICE OI VOL TOTAL 3 9 13 OI VOL TOTAL
11
Millions
650
17
PC OI

650 600 550 500 450 CASH 500 400 400 350 300 250 200 150 TIME PRICE OI IN RS CR. 300 200 100 0
REL (PRICE V/s OI IN Rs. Cr.)
900 800 700 600 OI Rs. Cr. PC OI
525 475
TISCO (CASH Vs PC OI)
0.70
0.60 425 375 325 0.40 275 225 175 0.20 125 75 TIME PRICE PC OI 0.10 0.30 0.50
CASH

TISCO (CASH Vs PC VOL)
525 475 1.00 425 375 325 0.60 275 225 175 0.20 125 75 TIME PRICE PC VOL 0.00 0.40 0.80 PC VOL OI Rs. Cr. 1.20
CASH
525 475 425 375 325
TISCO (CASH Vs OI Rs. Cr.)
1100 1000 900 800 700
CASH
600 275 500 225 175 125 75 TIME PRICE OI RS. 400 300 200 100

TISCO (CASH Vs OI VOL TOTAL)
475 425 375 CASH 325 20 275 18 225 175 125 75 DATE PRICE VOLUME 16 14 12 10 28 26 24 22 OI VOL TOTAL
Millions
525
30
4.7. Limitations of the Study:

First and the foremost limitation of the study relates to the closing price being taken for the study. The price taken is average of the trade of last 30 minutes, which may not reflect the true price prevailing in a particular day. Some data were missing and were also not available from the other sources, so we had to fill this gap of data through approximation, which can limit the analysis. Relationship provided solely on the basis of chart may not be exact in nature.
5. Recent Trends In Derivatives Market
5.1. Derivatives In Emerging Markets

As we watch these efforts going into the creation of India's exchange-traded derivatives industry, comparisons with international experiences are inevitably useful. We know that in all OECD countries, derivatives are a crucial and vibrant part of the financial system. In addition, one interesting question has been ``what has the experience of other emerging markets been like''? Consider the 23 significant exchanges in 16 emerging markets:

Brazil (BM & F) China (SSE, SME, SHME, SCCFE) Guatemala (BDP) Hungary (BCE & BSE) Korea (KSE) Malaysia (KLOFFE, KLCE) Philippines (MIFE) Portugal (PSE) Russia (MICEX & MCE) Slovak Republic (Bratislava) Slovenia (Ljubljana) South Africa (SAFEX) Argentina (MERFOX) Spain (Meff Renta) Singapore (SIMEX) Hong Kong (HKFE, SEHK)
These countries have come to this level of development via a variety of different routes. The most interesting and important experience is that of China, a fascinating case study of the merits and demerits of a relatively unregulated start of derivatives trading. In the early 1990s, a plethora of unregulated derivatives exchanges came up in China. Many of these exchanges lacked the key institution of the clearinghouse as counterparty, and most of them featured rampant market manipulation where insiders in the exchange management earned abnormal profits at the expense of outside market participants. In 1994, the 50 exchanges were consolidated into 15. In 1995, China's futures markets did a trading volume of around $1.2 trillion (for a comparison, India's equity markets do an annual trading volume of roughly $180 billion).

Many observers have cited China's experience with 50 exchanges as an example of how poorly--regulated and hasty growth of derivatives markets may be problematic. However, the other side of the picture is now clear: the experience with these 50 exchanges got the Chinese markets off the ground, and generated the necessary know-how amongst exchange staff, regulators and users. In the end, China has stolen a march ahead of us: it now has derivatives exchanges which have significant trading volumes on a world scale, while we have just started. One of the key motivations underlying futures markets in both Russia and China is quite important in India and other emerging markets. This is the weakness of commercial law both in precept and in practice. Under a weak legal environment, individuals and firms in the economy face problems in their contractual arrangements with each other. There are strong temptations to renege on a contract given the poor legal support for contract enforcement. In this situation, the futures clearinghouse is a vital institution which enables the functioning of the economy by supplying credit guarantees and producing contract performance. Indeed, the derivatives Clearing Corporation is often referred to as a credit guarantee corporation. NSE's experience so far is a textbook example of this nature: the introduction of the clearing corporation (NSCC) has enabled a large-scale participation in the market by many individuals and firms which would otherwise have been thought uncreditworthy; this has enabled the growth of liquidity in the market and lowered entry barriers in the securities industry. If the legal system had been strong, then many of these firms could have fully participated in the economy even without the existence of NSCC. It should be noted that countries often venture into derivatives as part of a broader economic liberalization process; hence the gains documented here are partly owing to this contemporaneous liberalization process and not solely owing to the launch of equity derivatives. India as of 1997 has a market capitalization of $125 billion and an annual trading volume of $145 billion. Consider the list of countries now working towards building derivatives markets:

Turkey Bulgaria Chile Colombia Costa Rica

Czech Republic Greece Indonesia Mexico Poland Taiwan Thailand
An important case study is Mexico, which is in the same time zone as Chicago: the derivatives exchanges of Chicago have done a thorough job of launching numerous derivative products based on Mexican underlying. This has made the creation of exchanges in Mexico much harder. Taiwan is another interesting case study. Taiwan is like India in the enormous delays which have beset the creation of a domestic derivatives exchange. In January 1997, markets in Chicago and Singapore started trading futures on a Taiwanese market index. These episodes are reminders that the development of the derivatives area should be viewed in the global perspective and not just as an Indian question. Exchanges such as the Chicago Mercantile Exchange (CME), Chicago Board Of Trade (CBOT), Chicago Board Options Exchange (CBOE), American Stock Exchange, Sydney Futures Exchange, Hong Kong Futures Exchange and Singapore International Monetary Exchange (SIMEX) have all launched emerging market initiatives, whereby they aim to trade derivatives off underlying from emerging markets. As far as Indian underlying go, the main two objectives for these exchanges are a well-structured market index and the dollar-rupee exchange rate, based on which these exchanges would trade options and futures. Delays in the creation of exchange--traded derivatives in India are beneficial to them, and hinder the future potential of exchanges in India. What are the problems which seem to bedevil the growth of derivatives markets across emerging markets in general? One source of difficulty is poor infrastructure, particularly in clearing and settlement. In India, two major initiatives in clearing for derivatives are National Securities Clearing Corporation (NSCC) which was created by NSE, and the First Commodities Clearing Corporation of India (FCCCI) which is being setup at the pepper futures market in Cochin. National Securities Clearing Corporation (NSCC) was the first effort in clearing where the clearing corporation becomes the legal counterparty to both legs of every transaction, and thus eliminates counterparty risk. Until June 1996, NSCC was not doing this, and this vital infrastructure was lacking in the country, hence NSE's derivatives market could not have been launched. From June 1996 onwards, NSE's development effort

was complete in having the NSE-50 index, a computerized trading mechanism, and a strong clearing mechanism. Jealousy or competition between securities, banking and derivatives sectors, and disputes as to who should supervise the market and under what rules has often been a problem. The experience of India, with the highly inaccurate comparison between derivatives and badla, is probably a variant of these conflicts. As far as the regulatory apparatus goes, things are simpler with equity derivatives, where SEBI is the only regulator. Derivatives is an area where a unified picture of the entire securities industry -- spanning equity, debt, foreign exchange, commodities and real estate -- is enormously useful. The functioning of the derivatives industry emphasizes that a futures is a futures, regardless of the underlying on which the futures is being traded. The great derivatives exchanges of the world simultaneously trade derivatives on all of equity, debt, foreign exchange, commodities and real estate. In this sense, the basic policy issues faced in the derivatives area (market manipulation, strength of the clearinghouse and competition between exchanges worldwide) are universal to all five major markets. ``Turf wars'' inevitably lead to inferior development of financial markets. The US is an example of a clumsy regulatory approach, where an agency named the CFTC regulates futures while the traditional securities markets regulator, the SEC, regulates options on securities. This artificial distinction has no economic rationale, and has served to distort the development of the markets. Similarly, while the focus of developing exchange--traded derivatives in India has been on futures on the equity index, the question of the RBI's regulatory approach looms large over the development of the derivatives exchanges, since interest--rate and currency futures are a crucial next steps in the development of the markets. A clarification of some these issues is a major question in the agenda for policy--making in India's financial sector. Perhaps, this task rightfully falls upon the Finance Ministry, which would steer SEBI and RBI into equilibrium conducive to the health of exchange--traded derivatives.
5.2. A boost to derivative market

From 1995 onwards, a variety of developments have been taking place in India on the subject of derivatives markets. The 1997 Union Budget announced policy measures towards more commodity futures markets. SEBI has constituted the L. C. Gupta Committee to formulate the regulations through which exchange--traded derivatives can commence in India. The focus of the work of this committee has been on equity index derivatives. The recently released report of the Tarapore Committee on Convertibility has recommended that exchange--traded derivatives should come about on the dollar--rupee and on treasury bills. These steps in policy--making are supported by NSE's efforts in this direction. NSE's developmental work towards exchange--traded derivatives began in 1995. The derivative market has got a shot in the arm with the Government deciding to treat income from derivatives trading as a non-speculative income. The decision to treat income from derivative trading as a nonspeculative income will contribute to an increase in trading volume in the derivative market since it provided for setting off of derivative income/loss against normal income/loss. However, market analyst expressed fear that the increase in securities transaction tax for day traders from 0.015 per cent to 0.020 per cent would affect the trading volume and would lead to reduction in spread and increase in the transaction cost. Market analyst hoped that investments in equities, in both primary and secondary markets, would qualify for deduction in taxable income up to Rs 1 lakh. If this happened, the stock market would firm up further.
5.3. Stock-trading tax:

The securities transaction tax (STT) has stabilized, but the rates are widely perceived to be too low. Therefore, propose to make a very nominal increase in the rates for all categories of transactions.
F & O not speculative:

There have been significant developments in the past decade in the capital market including the introduction of trading in financial

derivatives. We have also established a transparent system of trading with adequate safeguards for audit trail. Proposed amendment to the Income Tax Act to provide that trading in derivatives in specified stock exchanges will not be treated as `speculative transactions' for the purposes of the Income Tax Act.
All good things come in the budget:

Derivatives traders could not have asked for more. The FM has acceded to their long standing demand for keeping futures and options outside the purview of the taxes on speculative transactions. Trading losses can now be offset against gains while calculating the tax outgo. The FM also said that Sebi may allow FIIs to use shares as collateral for margin payment while trading in derivatives. Rough estimates show that the proposal could bring down trading rates by nearly 30% for FIIs. At present, only cash and cash-like instruments are accepted as collateral for margin payments two types of margins have to be paidInitial Margin and Mark to Market Margin- at the rate of 22-30%. The bulk of derivatives trading by FIIs is undertaken for hedging or arbitrage strategies. These involve buying of share in cash market and selling the corresponding future contract on the derivatives platform. The proposal will allow use of the stock bought in the cash side as margin or the derivatives par of the strategies. The entire outgo on margin payments could thus, be saved. The FMs announcement on evolving legality for over-the counter derivatives contract will be another positive. It will enable larger investor to enter long- dated contracts.
5.4. FIIs can submit collateral for derivatives

The Finance Minister has sought to correct an anomaly in the derivatives margin payment norms for FIIs. He said that "FIIs are to be permitted to submit appropriate collateral, in cash or otherwise" when trading in domestic derivatives. According to market players, this will bring about flexibility and encourage FIIs to take greater exposure through the derivatives contracts. Local players already had the flexibility of submitting collaterals, such as bank guarantee or shares or deposit receipt, in place of cash or along with cash, for meeting their margin obligations. According to Market analysts, the proposal will ensure equal treatment for FIIs and domestic players in derivatives trading.

SEBI will make a suitable announcement shortly to this effect, the Finance Minister suggested in his Budget speech. Market analysts felt that the positive impact would be increase in trading volumes in derivatives. Investment Intermediates felt that the move is positive for FII fund flow into derivatives. According to, an investment strategist, the move will technically help FIIs take greater positions in the derivatives, and arbitrage margins (between spot and derivatives) would come down. "This in turn would bring down the overall cost of carrying the trades," he added. The overall benefit for the market would be higher liquidity and greater turnover in derivatives, traders observed.
A Project Study on Derivatives in India 5.5 Business Growth in Derivatives segment- Futures
Index Futures Turnover Contracts (Rs. cr.) 1,729,103 71,544 1,931,290 76,146 1,447,464 58,331 1,023,111 38,277 1,320,173 47,188 1,463,682 49,497 1,803,263 57,924 1,971,231 61,124 2,152,644 64,018 2,551,985 82,149 2,164,528 79,555 17,191,668 554,446 2,126,763 43,952 1,025,588 21,482 Stock Futures Turnover Contracts (Rs. cr.) 4,167,787 151,741 4,551,564 159,561 5,238,498 179,385 3,600,135 113,524 3,660,047 111,695 3,768,178 107,123 3,577,911 99,590 3,492,774 94,009 3,125,283 78,392 3,322,799 92,629 3,829,403 121,044 32,368,842 1,305,939 10,676,843 286,533 1,957,856 51,516
Month/ Year Feb.2005 Jan.2005 Dec.2004 Nov.2004 Oct.2004 Sep.2004 Aug.2004 Jul.2004 Jun.2004 May.2004 Apr.2004 2003-04 2002-03 2001-02
5.6. Business Growth in Derivatives segment- Options

Index Options Call Put Notional No. of Turnove No. of contract r (Rs. contract s cr.) s 168,594 7,125 144,627 176,682 7,190 143,416 130,557 5,355 108,650 131,218 4,979 102,223 138,099 5,029 97,628 124,547 4,280 93,808 127,779 4,192 98,618 189,179 6,059 124,352 158,784 4,915 117,041 196,198 115,378 1,043,89 4 269,674 113,974 6,824 4,348 31,794 5,669 2,466 100,430 80,733 688,520 172,567 61,926 Stock Options Call Turnover (Cr.) 5,997 5,786 4,356 3,813 3,501 3,164 3,192 3,853 3,558 3,468 2,967 21,02 2 3,577 1,300 No. of contract s 367,707 362,345 481,349 363,158 357,625 365,187 284,013 262,755 193,687 246,630 292,628 4,243,66 1 2,456,50 1 768,159 Turnover (Cr.) 13,889 13,499 16,950 11,968 11,685 10,762 8,501 7,611 5,338 7,716 9,640 167,96 7 69,643 18,780 Put No. of contract s 83,843 81,618 108,951 94,810 93,342 116,304 86,919 94,222 75,380 Turnover (Cr.) 3,246 3,101 3,844 3,237 3,121 3,546 2,603 2,682 2,085
Month/ Year Feb.2005 Jan.2005 Dec.2004 Nov.2004 Oct.2004 Sep.2004 Aug.2004 Jul.2004 Jun.2004 May.200 4 Apr.2004 2003-04 2002-03 2001-02
63,156 1,974 85,998 2,736 1,339,41 0 49,240 1,066,56 1 30,488 269,370 6,383
5.7. Business Growth in Derivatives segment- Total Turnover

Total Month/ Year Feb.2005 Jan.2005 Dec.2004 Nov.2004 Oct.2004 Sep.2004 Aug.2004 Jul.2004 Jun.2004 May.2004 Apr.2004 2003-04 2002-03 2001-02 Note: Index Futures, Index Options, Stock Options and Stock Futures were introduced in June 2000, June 2001, July 2001 and November 2001, respectively No. of contracts 6,661,661 7,246,915 7,515,469 5,314,655 5,666,914 5,931,706 5,978,503 6,133,793 5,822,819 6,481,198 6,568,668 56,886,776 16,768,909 4,196,873 Turnover (Rs. cr.) 253,543 265,283 268,221 175,798 182,220 178,373 176,000 175,340 158,304 194,760 220,293 2,130,612 439,863 101,925
6. Findings
Findings are the main part of any project report carried out because it shows the out come of a particular study being conducted. These findings are for individual security and may not be applicable to the overall market as such. We have studied the following parameters with respect to individual share price: Put Call Ratio (Open Interest) Put Call Ratio (Volume) Volume traded in Derivatives Open Interest (Rs. Crores)
We have tried to establish relationship between the cash and future market parameters. And we also tried to find out the effect of different Future and Options market parameters on cash price of individual share. On the basis of the data collected, chats prepared and by consulting with the project guide, we have arrived at the following findings for each of the scrip we have studied. NIFTY Put Call ratios as far as Nifty is concerned, Nifty rises when ratio is below 0.7 and direct positive relationship exists between the two and the ratio is not sustainable above the level of 1.00, depicting bearish outlook for future. Put Call Ratio (Open Interest) Put Call Volume ratio below 0.7 bullish sign and if crosses that level we can expect correction in near future. Put Call Ratio (Volume) Direct relationship of rising volume with rising nifty and vice versa. Moreover it has been seen that on the expiration day volume considerably falls down, due to which Nifty also falls.- F & O Volume Positive relationship between Nifty & Open Interest, increasing Open Interest shows bullish market ahead, leading to rise in the cash market. F & O Open Interest It has been seen that on the expiration day overall Open Interest falls considerably down, which leads Nifty southwards.

ACC Put Call ratio below 0.3 shows inverse relationship with cash price while above that level it shows direct relationship.- Put Call Ratio (Open Interest) Inverse relationship between the Cash Price & Put Call Volume ratio Put Call Ratio (Volume) We can clearly establish inverse relationship between the Derivatives Volume & Cash Price of the share - F & O Volume It is not possible to establish definite relationship between the cash price of the share and Open Interest in Rs. Crores - F & O Open Interest SATYAM Direct and Positive relationship between the Cash Price & Put Call Open Interest ratio through out the period - Put Call Ratio (Open Interest) Inverse relationship between the Cash Price & Put Call Volume ratio Put Call Ratio (Volume) No exact relationship exists but at the time of expiration of future contract there is great amount of reduction in volume generally leading to fall in Cash Price F & O Volume Positive relationship between the Cash & Open Interest Rs. Crores. But at the time of expiration because of fall in volume, Open Interest Rs. Crores fall but it doesn't have much impact on Cash market. - F & O Open Interest RELIANCE To some extent only there is positive relationship between Cash price and Put Call Volume ratio, Put Call Volume ratio is very volatile for Reliance scrip as compared to other scripts. - Put Call Ratio (Volume) Positive relationship between the two when Put Call Open Interest ratio below 0.5 and negative when it crosses that level, leading to fall in price in cash market. Put Call Ratio (Open Interest) Prices increases throughout the period in spite of cyclical volatility found in Volume - F & O Volume Whenever a new future contract is introduced OI starts increasing which in turn leads to a new peak level of Price in Cash Market - F & O Open Interest

TISCO A positive relationship exist between the two variables but whenever the Put Call Open Interest ratio crosses the level of 0.45 there are chances of price correction in near future - Put Call Ratio (Open Interest) No exact relationship can be found out and Open Interest Volume ratio rarely crosses the level of 0.4 - Put Call Ratio (Volume) Good direct relationship exists and a new peak in cash price is created with mounting Open Interest Rs. Crore. - F & O Open Interest There is no much effect of volume on the cash price - F & O Volume
7. Conclusion
From the report we come to know several things about Derivatives Market. The Derivatives market is developing in India. It has great future as several measures are being taken to develop the market. The market is dominated by few large players. Generally, individual investors are not having enough knowledge for derivatives market. There is unawareness regarding derivatives in case of individual. India is one of the most successful developing countries in terms of a vibrant market for derivatives. This episode reiterates the strengths of the modern development of Indias securities markets, which are based on nationwide market access, anonymous electronic trading, and a predominantly retail market. As with most of the financial sector innovations of the last decade, individuals have displayed intellectual capacity and a speed of exploiting new ideas which has just not been found with finance companies. Internationally, banks and mutual funds are major players on the equity derivatives market. The new world of the equity market is working out very well: no badla, no weekly settlement, rolling settlement, futures, and options. We have found the there exist a positive relationship between the Put-Call Open Interest Ratio and Cash Market Price. It means that rise in Put-Call Open Interest Ratio shows bearish outlook over the Cash Market Price. It is desirable to have Put-Call Open Interest Ratio below 0.7. We cannot define the exact relationship between the Put-Call Volume Ratio and Cash Market Price. It shows positive relationship in case of Nifty & Reliance and negative relationship ACC & Satyam. Looking towards the charts we come to the conclusion that, generally there is no exact relationship between Open Interest Volume & Cash Market Price. But, in case of Nifty direct relationship is there & in case of ACC inverse relationship is there. As the expiration approaches, we found considerable fall in volumes. There is positive/direct relationship found between Open Interest Rs. (Cr.) & Cash Market Price. Mounting open interest in Rs. Cr. shows bullish market sentiments or expectations for futures.
8. Recommendations
From the study of the findings and conclusions we have arrived at on the basis of the data collected by us and preparation of charts, we would like to give the following recommendation which will be useful for the development of derivatives market in India and also will be useful to the future investor who would like to invest on the basis of the trends in the derivatives market. We summarize our recommendation in the following points: Derivatives market has surpassed the cash market in terms of turnover but it much behind the turnover in developed market like USA, UK. etc. Some steps should be taken to encourage wider participations. SEBI should strengthen its efforts to educate investor about the Derivatives Market in India along with its other programs of education investors. The contracts value of Rs300000/- is very high for retail investor so measures are needed to reduce that limit so that wider participation from retail investor can be encouraged. The investor who is interested in investing in cash market on the basis of derivatives parameters can consider Put Call Open Interest ratio serves as a good indicator while investing in cash market. The other good indicator that will help retail investor in investing is the Open Interest Rs Crore of that particular share, because it directly shows the future expectations for that particular share. Other derivatives parameter which we had studied like Put Call Volume Ratio and Volume Traded are not a good indicator and should be used very cautiously by the investor while basing his investment decision on these parameters.
9. Bibliography
For preparation of this project report we have collected information from various sources like visiting various websites, referring to journals, publications. For gathering information we have also referred to various books on Futures & Options written and published by different authors and publications. Following are some of the major sources we have referred to for getting information:
Web Sites Referred:

www.nseindia.com www.bseindia.com www.derivativesindia.com www.sharekhan.com www.sebi.com www.cboe.com
Books Referred:
Future And Options By: N.D. Vohra And B.R. Bagri Options And Futures In Indian Perspective By: D.C. Patwari
10. Glossary
American style options
An option contract that may be exercised at any time between the date of purchase and the expiration date.
Arbitrage
The purchase or sale of a security in one market and the simultaneous purchase or sale in another to take advantage of price differentials.
At-the-money
An option is said to be at the money if it would lead to zero cash flow if exercised immediately. When the price of the underlying security is equal to the strike price, an option is at-the-money.
Basis
The difference between the Index and the respective contract is the basis i.e. cash netted for the Futures price. A negative basis means Futures are at a premium to cash and vice versa. It is the strengthening and weakening of basis that is tracked by market players i.e. whether the basis is widening or narrowing. A widening of basis is indicative of increasing longs and narrowing means increasing short positions.
Basis Point
It is equal to one hundredth of a percentage point
Bear market
A market where the prices are falling.
Brokerage fee
A fee charged by a broker for execution of a transaction. The fee may be a flat amount or a percentage.
Bull market Call option
A market in which prices are continuously rising.
A call option gives the buyer the right but not the obligation, to buy the underlying security at a specific price for a specified time. The seller of a call option has the obligation to sell the underlying security should the buyer exercise his option to buy.

Class of options
Options contracts of the same type (call or put) and style (American or European) that covers the same underlying asset.
Close out
A purchase or sale transaction leaving a trader with a zero net position.
Closing buy transaction

Means a buy transaction which will have the effect of partly or fully offsetting a short position.
Closing sell transaction

Means a sell transaction which will have the effect of partly or fully offsetting a long position.
Cost of carry
Costs incurred in warehousing a physical commodity including interest for purchase storage & insurance
Day order
A day order, as the name suggests is an order which is valid for the day on which it is entered. If the order is not executed during the day, the system cancels the order automatically at the end of the day.
Day trader
Speculators who take positions in futures or options contracts and liquidate them prior to the close of the same trading day, thereby avoiding overnight margin calls.
Delivery month
Is the month in which delivery of futures contracts need to be made.
Delivery price
The price fixed by the clearinghouse at which deliveries on futures contracts are invoiced. Also known as the expiry price or the settlement price.
Derivative
A financial instrument designed to replicate an underlying security for the purpose of transferring risk.
Derivative instruments

A derivative instrument is an instrument whose value is derived from the value of one or more underlying which can be commodities, precious metals, currency, bonds, stock, stock indices etc..
European style options

An option contract that may be exercised only during a specified period of time just prior to its expiration
Exercise settlement amount

The difference between the exercise price of the option and the exercise settlement value of Index on the day an exercise notice is tendered, multiplied by the index multiplier.
Expiration date
The last day on which an option may be exercised.
Exercise / Assignment
When you buy an option you have the right either to purchase or sell the underlying at a predetermined price. When if you choose to purchase or sell the underlying at the predetermined price you are said to be exercising your right.
Fair value
Theoretical value of a futures contract derived from a mathematical model of valuation.
Forward contracts
A forward contract is contract between two parties where settlement takes place on a specific date in future at a price agreed today.
Futures
Futures are exchange traded contracts to sell or buy financial instruments or physical commodities for Future delivery at an agreed price.
Give up trades
The purpose of this functionality is to provide the clearing member users to confirm or reject the trades, on orders entered by other trading members, on behalf of Participants, clearing through the clearing member.
GTC
A Good Till Cancelled (GTC) order remains in the system until it is cancelled by the user.

GTD
A Good Till Days (GTD) order allows the user to specify the number of days / date till which the order should stay in the system if not executed.
Hedge
A conservative strategy used to limit investment loss by effecting a transaction which offsets an existing position.
Holder
Purchaser of option.
In-the-money
An option is said to be in the money if it would lead to a positive cash flow to the holder if it were exercised immediately. A call option is in the money if the strike price is less than the market price of the underlying security. A put option is in the money if the strike price is greater than the market price of the underlying security.
Initial margin
The amount of money required to be paid by market participant in the F&O segment at the time they place orders to buy or sell contracts.
Intrinsic value
The amount by which an option is in the money
Kill / Fill Order

An Immediate or Cancel (IOC) order allows the user to buy or sell a contract as soon as the order is released into the system, failing which the order is cancelled from the system.
Long Position
Long Position in a derivatives contract means outstanding purchase obligations in respect of a permitted derivatives contract at any point of time.
Mark to market
Process of revaluing positions daily using daily settlement prices to obtain profit or loss.
Market order
An order to buy or sell a contract at whatever price is available at the time of entering the order on the system.

Net position
The difference between the buy and sell contracts held by a trader.
Offer
Willingness to sell a contract at a given price.
Open Interest
Open Interest means the total number of Derivatives Contracts of an underlying security that have not yet been offset and closed by an opposite Derivatives transaction nor fulfilled by delivery of the cash or underlying security or option exercise. For calculation of Open Interest only one side of the Derivatives Contract is counted.
Opening buy transaction

Means a buy transaction which will have the effect of creating or increasing a long position.
Opening sell transaction

Means a sell transaction which will have the effect of creating or increasing a short position
Out-of-money
An option is said to be out of money if it would lead to a negative cash flow to the holder if it were exercised immediately. A call option is out of money if the strike price is greater than the market price of the underlying security. A put option is out of money if the strike price is less than the market price of the underlying security.
Options
When you sell an option you now have an obligation to sell or purchase the underlying. You have or may not have to fulfill that obligation. When you are required to fulfill the obligation to either purchase or sell the underlying you are said to be assigned. Typically this occurs when the option is in the money.
Option holder
The person who buys the option contract is known as the holder of an option. In purchasing the option, the buyer makes payments and receives rights to buy or sell the underlying on specific terms.
Option premium
The premium is the price at which the contract trades. The premium is the price of the option and is paid by the buyer to the writer or seller of

the option. In return, the writer, of a call option is obligated to deliver the underlying security to an option buyer if the call is exercised or buy the underlying security if the put is exercised. The writer keeps the premium whether or not the option is exercised.
Price priority
Price priority means that if two orders are entered into the system, the order having the best price gets the priority.
Put Call Ratio

It is the ratio of put to call in terms of either open interest or in volume terms
Put option
A put option gives the buyer the right, but not the obligation, to sell an underlying security at a specific price for a specified time. The seller of a put option has the obligation to buy the underlying security should the buyer choose to exercise his option to sell.
Regular lot/Market Lot

Means the number of units that can be bought or sold in a specified derivatives contract as specified by the F&O Segment of the Exchange from time to time.
Series
All option contracts of the same classes that have the same expiration date and strike price.
Settlement Date
Means the date on which the settlement of outstanding obligations in a permitted Derivatives contract are required to be settled as provided in these Regulations.
Short Position
Short position in a derivatives contract means outstanding sell obligations in respect of a permitted derivatives contract at any point of time.
Strike price

The stated price per unit for which the underlying index may be purchased (incase of a call) or sold (in the case of a put) by the option holder upon exercise of the option contract.
Time priority
Time priority means if two orders having the same price are entered, the order which entered the trading system first gets the highest priority.
Type
The classification of an option contract as either a call or put.
Writer
The seller of an option contract.

Derive Ti Eves in India

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Derive Ti Eves in India

Uploaded by

Copyright:

Available Formats

A Project Study on Derivatives in India

A PROJECT STUDY ON DERIVATIVES IN INDIA

In Partial Fulfillment of Masters of Business Administration Programme, Gujarat University

S. K. Patel Institute of Management & Computer Studies 1

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 2

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 3

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 4

A Project Study on Derivatives in India

06 2. Company Profile 09 3. Theoretical Aspects of Study 16

S. K. Patel Institute of Management & Computer Studies 5

A Project Study on Derivatives in India

148 7. Conclusion 151 8. Recommendations 152 9. Bibliography 10. Glossary 154

S. K. Patel Institute of Management & Computer Studies 6

A Project Study on Derivatives in India

WHAT ARE DERIVATIVES?

S. K. Patel Institute of Management & Computer Studies 7

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 8

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 9

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 10

A Project Study on Derivatives in India

The Complete Investment Destination

E-Broking and Web-Based Services:

Trading Terminals-Money pore Express

Depository Participant Services

An in house DP means hassle-free, speedy settlements. It is depository participants with NSDL.

Premium Research Services

S. K. Patel Institute of Management & Computer Studies 11

A Project Study on Derivatives in India

Other Investment Products

S. K. Patel Institute of Management & Computer Studies 12

A Project Study on Derivatives in India

Presence of Anagram in Different States

S. K. Patel Institute of Management & Computer Studies 13

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 14

A Project Study on Derivatives in India

Investment philosophy of Anagram

S. K. Patel Institute of Management & Computer Studies 15

A Project Study on Derivatives in India

Partners of Anagram Ltd.

S. K. Patel Institute of Management & Computer Studies 16

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 17

A Project Study on Derivatives in India

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 19

A Project Study on Derivatives in India

3.1. A Brief History Of Derivatives

S. K. Patel Institute of Management & Computer Studies 20

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 21

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 22

A Project Study on Derivatives in India

S. K. Patel Institute of Management & Computer Studies 23

A Project Study on Derivatives in India

The need for a derivatives market