The NSE Nifty tanked at 3 PM to close below the 6,000 mark, and you can blame it on F&O Expiry. A number of people punt on options on the expiry day, hoping to make a little bit here and there. Rumours were that 1500 cr. worth basket selling happened and some people lose money betting on the expiry value. This kind of punting is a pure gamble, exactly what makes watchers think the stock market is a casino; if you need to survive, you need to keep your head about you while others are losing theirs.
Volumes were significant at 2.82 lakh crores. Most of this were in Index options, as you can see.
What is weird is the difference between the October Future and the November future after 3 PM:
Incredible – The November future closed at 6074! What happens tomorrow morning will be interesting to see.
