Markets seen rising on buying by operators

MUMBAI: The markets rose on Monday supported mainly by operator-driven buying, said an analysts. At NCDEX, 601 members (2,831 users) participated in trading up till 5 pm and volumes were Rs 2,799 crore (one-way). There were more than 87,700 trades put through by them. Active trades were high in among others chana, guarseeds, tur desi and pepper.

Chana for February delivery hit the upper circuit, closing the day higher 4.1% at Rs 2,351 per quintal. Guarseed in the most active March contract was up a fifth of a per cent at Rs 2,018 per quintal. Tur desi for the benchmark March contract was up 2.2% at Rs 2,518 per quintal. Among spices pepper for February delivery was up 1.4% at Rs 11,898 per quintal.

Market participants were a bit surprised at this movement in agri complex considering that inflation had touched 6.12%. Said Navneet Damani, analyst at Anand Rathi Commodities, such a movement was operator driven as fundamentals could not change overnight. On Saturday, 570 members participated in trading and put through more than 68,700 trades. The volume for the whole day trading till 2 pm was Rs 1,986 crore (one-way).