MODEST gains were made yesterday after heavy selling in early trading in Hang Seng Index futures. The November contract opened above 9,500 - at 9,555 - but was hit by profit taking within minutes of opening, sending the contract to the low of the day at 9,460. From there it spent most of the time at a discount to the cash. The high of the day in November was 9,530 and in the cash it was 9,570. After trying to rally back to the high of the day in late morning and early afternoon trading the contract slumped to 9,475, up 15 points on the day and a discount to the cash of about 26 points. At times in afternoon trading the contract was at a 50-point discount to the cash. On the week, the November contract is up 210 points or 2.3 per cent from 9,265 on Friday. There are effectively six trading days left to run on the contract. December futures closed up 20 points at 9,515, a premium over the cash of 14 points. Turnover was relatively heavy at 23,615 contracts. In November, there was 18,600 contracts traded and in December there were 5,014 contracts traded. Roll over activity has got off to a relatively early start. The bulk of it is expected next week. There is a feeling among some brokers the present modest rally in the cash and futures had run its course. Consolidation is expected for the rest of the week barring unforeseen developments affecting sentiment. There is definitely the feeling profit takers are set to rule for the time being above 9,500 in the absence of any significant liquidity. Hopes of a continuation of the last three-day surge to 9,800 are fading fast. In index options, Jardine Fleming said trading was mixed with local investors and overseas traders concentrating on out-of-the-money puts in all trading months. Implied volatility slipped to 21.25 per cent. The 100-day historic Hang Seng Index volatility level was flat about 14.5 per cent. There were 2,790 lots traded. Stock options also were busy, with 3,349 lots in HSBC and 1,282 lots in Cheung Kong. HSBC implied volatility, at-the-money, was in line with the market.