Nifty derivative bets go wrong, singe two big players

Blundered bets on the Nifty are said to have cost two of Dalal Street's influential stock pickers.

The market grapevine has it that they had to part with a substantial chunk of their holdings in Century Textiles and Industries last month after their derivative bets on the Nifty backfired due to the market volatility.

The two investors had created high leverage positions in Nifty using midcap stocks as collateral.

The buzz on the Street is that Century, which was held by the two, saw huge selling pressure in September from margin financiers.The stock has remained in the range of `520-550 of late since the selloff.