Final Up to date:
Zerodha co-founder Nikhil Kamath shared a humorous obituary for the favored weekly choices contract on X, written by one in every of his previous dealer mates.
Financial institution Nifty Weekly was initially launched on Could 27, 2016. (Photograph Credit: Instagram)
India’s largest choices contract Nifty Financial institution, usually seen as a golden ticket by merchants, noticed its final weekly expiry on Wednesday on account of new rules from SEBI.
The Securities and Alternate Board of India (SEBI), in its round issued on October 10, had introduced the top of weekly index possibility contracts in 3 indices together with Nifty Financial institution.
Many merchants, together with Zerodha co-founder Nikhil Kamath, shared their disappointment over the expiry of the nation’s hottest derivatives contract.
In a novel twist, Kamath shared a humorous “obituary” for the beloved Financial institution Nifty Weekly on X, written by one in every of his previous dealer mates. The publish hilariously mentions its “passing” after a “transient battle with regulation”, together with its life span from Could 27, 2016, to November 13, 2024.
Within the publish, it was additionally said that Financial institution Nifty Weekly was “survived by” household, NSE, and different sibling contracts like Financial institution Nifty Month-to-month and Quarterly, together with Nifty 50 Weekly.
“In loving reminiscence. We remorse to tell you that Financial institution Nifty Weekly expired (for the ultimate time) this Wednesday, after a quick battle with regulation. In her brief life, she noticed many ups and downs. She was wild and mysterious, leaving us speculating about her each transfer. We’re endlessly enriched by her presence (7% of us, that’s, 93% of merchants make losses from F&O buying and selling). Wednesdays won’t ever be the identical with out her. Financial institution Nifty Weekly is survived by her loving mom, NSE, her brothers, Financial institution Nifty Month-to-month and Quarterly, and her sister, the Nifty 50 weekly contract,” the publish learn.
The humorous obituary additionally included two quotes, one was by Helen Keller, stating, “What we have now as soon as loved we are able to by no means lose.” One other line from an “nameless dealer”, who wrote, “I don’t know, man, I misplaced some huge cash.”
Reacting to the publish, a person wrote, “Om shanti. You’ll be missed by numerous merchants.”
Om shanti. you may be missed by numerous tradersA remark learn, “I’ll miss badly. What ought to I do from subsequent Wednesday?”
I’ll miss badly.What ought to I do from subsequent Wednesday?
— Staff Neha (@NehaFNO) November 13, 2024
“Expensive Financial institution Nifty Weekly, you’ve been our rollercoaster trip, our adrenaline rush, and the center assault we by no means requested for however secretly loved. As you bid us adieu, might your strikes relaxation in peace and your premiums at all times be in our favour within the afterlife,” commented a person.
Expensive Financial institution Nifty Weekly, You’ve got been our rollercoaster trip, our adrenaline rush, and the center assault we by no means requested for however secretly loved. As you bid us adieu, might your strikes relaxation in peace and your premiums at all times be in our favor within the afterlife.— Rajesh Kumar (@MastRajeshLive) November 13, 2024
Yet another added, “From ‘Zero to Hero’ trades to spooky ghost spikes, Wednesdays won’t ever be the identical with out Financial institution Nifty. Gone however by no means forgotten.”
After the cessation of Nifty Financial institution Weekly, the merchants will now must search for different choices. Market observers imagine that extra consideration will shift to month-to-month contracts and different buying and selling merchandise.
As per Anand James, Chief Market Strategist, Geojit Monetary Providers, each Nifty Financial institution and Nifty weeklies entice several types of merchants.
“Whereas Nifty is a broad market benchmark, Nifty Financial institution is a sectoral index and has the least variety of constituents and a decrease lot measurement making it probably the most unstable of the 2,” James was quoted as saying by the Financial Instances.
Merchants who loved the quick value adjustments and fast buying and selling alternatives supplied by this instability are prone to miss it. Nonetheless, this could possibly be part of the SEBI’s new rules to scale back unpredictable adjustments out there.
