Mumbai: Indian traders extended fewer CNX Nifty Index futures than the average rate of past six months before the securities expire on Thursday.

Investors rolled over 63% of May Nifty futures contracts with securities expiring in future months as of data available at 4.11pm in Mumbai. The rate compares with a six-month average of 72% on the day of expiry, data compiled by Bloomberg show.

The lower rollover rate comes as the 50-member Nifty fell for a fourth straight day. The number of outstanding Nifty futures contracts on the National Stock Exchange of India Ltd (NSE) was at 761,280 on Wednesday, compared with around 0.98 million on 29 April, a day before last month’s series lapsed.

“We are at the lowest open interest concentration in the past five to six months," Gaurav Bissa, a derivatives analyst at LKP Securities Ltd, told Bloomberg TV India on Thursday. “Futures rollovers are still at the lower end of their averages."

Foreign investors have sold about $375 million of local stocks in May through Tuesday, the most among Asian markets tracked by Bloomberg, after earnings at some of the nation’s biggest companies including Tata Motors Ltd disappointed investors.

Thirteen of the 24 S&P BSE Sensex companies that have posted earnings for the March quarter so far have trailed analyst estimates. Net incomes will drop for a second straight quarter, forecasts compiled by Bloomberg show.

The Nifty index fell 0.2% at Thursday’s close. The India VIX Index, a measure of protection against stock market swings using options, lost 0.9% to 17.13. Indian derivatives expire on the last Thursday of each month. Bloomberg

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