The Nifty term structure on 5 Nov 2026

(a) For each of the three Nifty futures, compute the basis, the implied net carry $\ln(F/S)/T$ and the implied financing rate with $q = 1.42\%$. (b) Compute the calendar-implied carry between Nov and Dec and between Dec and Jan. (c) Comment on the shape. Give two economic reasons why the implied financing rate could exceed the 5.50% repo rate without creating an arbitrage.