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May 17, 2001
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Money > Business Headlines > Report May 17, 2001 |
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Futures trades gain ground on boursesKishor Kadam & Deepak Korgaonkar Turnover in index futures has increased from an average daily turnover of Rs 35.1 million on the Bombay Stock Exchange and Rs 23.5 million on the National Stock Exchange to around Rs 140 million on BSE and Rs 260 million on NSE in February 2001. However, the recent market upheavals have taken a toll on derivatives trading, with volumes falling to a daily average of Rs 3.5 million on the BSE and Rs 75.6 million on the NSE. Commenting on the trend, Sebi board member J R Varma said: "The turnover has increased consistently month after month after index futures were introduced in June 2000, but the rise is not as sharp as per expectations." The BSE had launched Sensex futures on June 9, 2000, while on the NSE the futures were launched on June 12, 2001. In 11 months, the cumulative turnover in the futures segment on the BSE and NSE is Rs 43.246 million, which translates to a monthly turnover of Rs 3.93 million or a daily turnover of Rs 130 million. On the BSE, derivative trading by way of index futures has logged a cumulative turnover of Rs 15.898 million since its launch, while on the NSE the number has touched Rs 27.347 million to date. "This shows that index futures have fulfilled market needs. Not only have the first movers stayed on, the market has expanded by way of fresh interest every passing month," said Varma. Since the inception of futures trading, BSE has executed nearly 76,708 contracts, while on the NSE, 1,07,140 contracts were dealt. The highest number of contracts was in February 2001 on both BSE and NSE. million In that month, BSE had a turnover of Rs 2.801 million from 13,019 contracts, while NSE clocked a turnover of Rs 5.235 million from 19,141 contracts. This pushed the daily average turnover in February 2001 to a peak of Rs 261.8 million on the NSE and Rs 140.1 million on the BSE. Powered by YOU MAY ALSO WANT TO READ:
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