Adani Enterprises Sees Surge in Put Option Activity Amid Bearish Sentiment

Robust Put Option Volumes Highlight Investor Caution

On 3 Feb 2026, Adani Enterprises (NSE: ADANIENT) emerged as one of the most actively traded stocks in the options market, particularly on the put side. The two most active put strikes were ₹2,100 and ₹2,200, with 2,813 and 3,172 contracts traded respectively. The turnover for these strikes was substantial, amounting to ₹426.79 lakhs for the ₹2,100 strike and ₹882.04 lakhs for the ₹2,200 strike. Open interest figures further underscore the bearish sentiment, with 1,292 contracts open at ₹2,100 and 2,926 contracts at ₹2,200.

These strike prices are notably close to the current underlying value of ₹2,178.7, indicating that traders are positioning for potential downside or hedging against volatility in the near term. The expiry date of 24 Feb 2026 is less than three weeks away, intensifying the focus on these strikes as critical levels for price action.

Stock Performance Contrasts with Options Activity

Interestingly, the stock has outperformed its sector and broader market indices in recent sessions. On 3 Feb 2026, Adani Enterprises gained 8.93% intraday, touching a high of ₹2,222.4, an 11.38% increase from the previous close. The stock has recorded a consecutive two-day gain, delivering a 13.44% return over this period. It also opened with a gap up of 7.75%, signalling strong buying interest.

Despite this bullish price action, the put option activity suggests that investors remain wary. The weighted average price of traded options indicates that more volume was concentrated near the lower price range, hinting at hedging strategies or speculative bets on a pullback. The stock trades above its 5-day, 20-day, and 50-day moving averages but remains below the 100-day and 200-day averages, reflecting a mixed technical picture.

Sector and Market Context

The diversified sector, to which Adani Enterprises belongs, gained 4.49% on the day, while the Sensex rose 2.56%. Adani Enterprises outperformed both benchmarks, with a 10.00% one-day return compared to the sector’s 5.37%. However, delivery volumes have declined sharply, with a 48.76% drop in delivery volume to 2.97 lakh shares on 2 Feb 2026 compared to the five-day average. This falling investor participation may be contributing to the cautious stance reflected in options trading.

Mojo Score and Analyst Ratings

MarketsMOJO assigns Adani Enterprises a Mojo Score of 20.0, categorising it as a Strong Sell. This rating was upgraded from Sell on 1 Dec 2025, reflecting deteriorating fundamentals or increased risk factors. The company’s market cap stands at a substantial ₹2,53,342.67 crores, classifying it as a large-cap stock. Despite its size and recent price gains, the low Market Cap Grade of 1 indicates concerns about valuation or quality metrics.

Implications of Heavy Put Option Activity

The surge in put option volumes at strikes near the current market price suggests that investors are either hedging existing long positions or speculating on a potential correction. The open interest build-up at ₹2,200 strike, which is above the current price, indicates a significant number of traders are betting on a decline or seeking downside protection.

Given the stock’s recent strong performance, this divergence between price action and options activity could signal underlying uncertainty. Traders may be anticipating volatility ahead of the February expiry, possibly due to macroeconomic factors, sector-specific developments, or company-specific news yet to materialise.

Expiry Patterns and Market Sentiment

Options expiry dates often act as focal points for price movements, as traders adjust or close positions. The 24 Feb 2026 expiry is attracting considerable interest, with put contracts dominating turnover and open interest. This pattern is consistent with a cautious or bearish market stance, despite the stock’s short-term rally.

Investors should monitor the stock’s ability to hold above key moving averages and watch for any shifts in delivery volumes or institutional activity. A sustained drop below the ₹2,100 strike could trigger accelerated selling pressure, validating the bearish positioning seen in the options market.

Investor Takeaway

While Adani Enterprises has demonstrated resilience with recent gains outperforming its sector and the Sensex, the pronounced put option activity signals caution. Investors should weigh the strong short-term momentum against the evident hedging and bearish bets in the options market. This duality suggests that while upside remains possible, downside risks are significant and should not be overlooked.

Prudent investors may consider monitoring open interest trends, strike price concentrations, and expiry dynamics closely. Those holding long positions might explore protective strategies, while speculative traders could look for opportunities in volatility or directional plays aligned with evolving market conditions.

Overall, the current market environment for Adani Enterprises is characterised by a complex interplay of optimism and caution, making it essential to stay informed and agile in portfolio decisions.

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