Lot of action was in few counters but considering the whole market the proceeds were on the minor side around Rs 49,500 crore on the F&O space as against Rs 56,000 crore during the previous week, so just about 15 per cent decline in turnover.

According to stock market expert Narendra Nainani, looking at the Nifty futures, which marked their closure provisionally around 5 or 6 points premium but intra-day they had descended into discount so from the lows of the day stock market has recovered and investors could have seen some fresh long positions returning into the Nifty.

The Put Call ratio is at 1.63 as against 1.67 and investors have seen a huge build-up at 3,300 Call and appended around 9 lakh shares in open interest and the out of money Call at 3,600 strike they have added some open interest about 7 lakh shares and 1,300 put have added some open interest so that’s the option data.

Among the stock futures, Essar Oil soared up nearly 50%, market cap has surged to more than Rs 13,500 crore and it’s added about 18.27 lakh shares in open interest, which indicates over 40% build-up in the contract.

Nagarjuna Fertilisers added around 44 lakh shares in open interest, nearly 25% open interest build-up.

Frontline stocks: Suzlon Energy was up around 11% and added about 28 lakh shares and Reliance Communications also added about 25 lakh shares both stocks gained 10-12%

ICICI Bank futures advanced 2.94 per cent and added 28.3 lakh shares in OI. Reliance Industries April gained just 0.56 per cent and OI added 1.53 lakh shares.