RPT-India benchmark index futures premium narrows

(Repeats story issued on Tuesday)

MUMBAI, May 13 (Reuters) - The premium on the benchmark
stock index futures narrowed on Tuesday on profit booking and
build up of fresh shorts, analysts said.

"Yesterday there was an upward rally, so positions were
built up. But today huge amount of profit booking and
additional short build ups were seen that brought down the
premium", said Yogesh Radke, analyst at Edelweiss Securities.

"Short build ups became visible from the morning itself and
the premium suddenly turned into discount", said Sailav Kaji,
head of derivatives at PINC Research.

The premium on the Nifty May futures NIFc1 to the
50-share NSE index narrowed to 8.65 points, compared
with 9.35 points on Monday.

The current month Nifty futures closed down more than 1
percent at 4,966.45 points, while the spot index closed down
1.09 percent at 4,957.80 points.

"Strength in the market is just not there..thats
consistently been witnessed," Edelweiss' Radke said.

Short build ups were seen particularly in the Oil and Gas
sector, in stocks like Cairn India CAILnsc1 and ONGC
ONGCnsc1.

"Yesterday huge rally was seen in Cairn, today the stock
came down on profit booking and lack of buying," Radke said.

Analysts continue to see support levels for the week at
about 4,800 points and resistance of about 5,200 points for the
spot index.

Total derivatives segment turnover on Tuesday stood at
about 381 billion rupees compared with 410 billion rupees on
Monday.

TOP FIVE CONTRACTS BASED ON OPEN INTEREST
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------- COMPANY NAME RICs

OPEN INT.
----------------------------------------------------------------
------- Ballarpur Industries Ltd
BILTnsc1 #N/A N/A

Reliance Petroleum Ltd RPETnsc1
54983550

IFCI Ltd IFCInsc1
52126200

Ispat Industries Ltd ISPTnsc1
46289100

Tata Teleservices (Maharashtra) Ltd TTMLnsc1
39626400
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-------

TOP %AGE INCREASE IN OPEN INTEREST
----------------------------------------------------------------
---- COMPANY NAME RICs

CHG. %
----------------------------------------------------------------
---- CNX 100 MAY08 NFHc1

66.67%

United Phosphorous Ltd UNPOnsc1
19.74%

MINI NIFTY MAY08 CMYc1
16.51%

Colgate Palmolive (India) Ltd COLGnsc1
15.70%

Power Finance Corporation PWFCnsc1
13.56%
----------------------------------------------------------------
----

TOP %AGE DECREASE IN OPEN INTEREST
----------------------------------------------------------------
---- COMPANY NAME RICs

CHG. %
----------------------------------------------------------------
---- Titan Industries Ltd
TITNnsc1 16.69%

Jammu & Kashmir Bank Ltd JKBKnsc1
16.00%

IRB Infrastructure Developers Ltd IRBInsc1
12.12%

Chambal Fertilisers and Chemicals Ltd CHMBnsc1
11.42%

Zee Entertainment Enterprises ZEEnsc1
11.11%
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----
(Reporting by Aniruddha Basu; Editing Prem Udayabhanu))