MAJOR selling at the close of cash-trading took the December Hang Seng index future to a significant discount with a close below 8,000 yesterday. Among the sellers, says Fimat Futures, were Barclays de Zoete Wedd below 8,000, and Nomura, Sun Hung Kai Securities, Peregrine and Warburg. The futures was down 285 points to 7,890, a discount of 88 points. The January future was off 288 points with a close at 8,030. Volume was 16,910, with 16,818 in December and 66 in January. Jardine Fleming said there was mixed trading in options despite the big drop in futures. Implied volatility in the front month lifted to about 32 per cent. 'Trading was focused on out-of-the-the-money options in the front month,' JF said. 'Hedgers bought December 7,800-puts while those who thought the market was oversold bought 8,600-calls and sold 7,800-puts in the same month.' Today 7,600-and 7,700-strikes in all months will be introduced. Open interest in futures contracts in December was 40,773 contracts against 241 in January and 441 in March. The open interest in index options in December was 14,887 lots in calls and 15,307 lots in puts. In January it was 236 lots and 1,756 lots respectively. In March it was 3,287 lots and 2,733 lots respectively. Further falls were expected today in the absence of more positive developments in New York trading.