Aditya Birla Capital Sees Sharp Open Interest Surge Amid Bullish Market Momentum

Open Interest and Volume Dynamics

On 25 Feb 2026, Aditya Birla Capital’s open interest in derivatives rose sharply by 2,798 contracts, a 10.88% increase from the previous OI of 25,708 to 28,506. This expansion in OI was accompanied by a robust volume of 21,396 contracts, indicating heightened trading activity and fresh positions being established rather than mere unwinding of existing ones.

The futures segment alone accounted for a value of approximately ₹59,833 lakhs, while options contributed a staggering ₹18,185 crores, culminating in a total derivatives value of ₹64,133 lakhs. Such elevated figures underscore the stock’s growing prominence among derivatives traders and the increasing liquidity available for sizeable trades.

Price Action and Market Positioning

Aditya Birla Capital’s underlying price closed at ₹354, just 4.26% shy of its 52-week high of ₹369.3. The stock has outperformed its NBFC sector peers by 1.44% on the day and has recorded a four-day consecutive gain, delivering a cumulative return of 2.88% over this period. Intraday, the stock touched a high of ₹360, marking a 3.06% rise from the previous close.

Notably, the stock is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a strong bullish trend and sustained investor confidence. The delivery volume on 24 Feb surged to 72.21 lakh shares, a 126.44% increase compared to the five-day average, reflecting rising investor participation and conviction in the stock’s upward trajectory.

Implications of Rising Open Interest

The surge in open interest alongside rising prices typically indicates fresh buying interest and a bullish market stance. In Aditya Birla Capital’s case, the 10.88% increase in OI coupled with a 1.35% day gain suggests that traders are positioning for further upside. This is reinforced by the stock’s outperformance relative to the NBFC sector’s modest 0.05% gain and the Sensex’s 0.18% rise on the same day.

Moreover, the stock’s market capitalisation stands at ₹92,689.67 crores, classifying it as a mid-cap entity with sufficient liquidity to support active trading. The liquidity metric, based on 2% of the five-day average traded value, allows for trade sizes up to ₹4.89 crores without significant market impact, making it attractive for institutional investors and large traders.

Mojo Score and Analyst Ratings

Aditya Birla Capital currently holds a Mojo Score of 65.0, which corresponds to a ‘Hold’ grade. This represents a downgrade from its previous ‘Buy’ rating as of 16 Feb 2026, reflecting a more cautious stance amid evolving market conditions. The market cap grade is rated 2, indicating moderate size and stability within its sector.

While the recent price momentum and open interest surge are positive signals, the downgrade suggests that investors should weigh the stock’s valuation and sector risks carefully. The NBFC sector remains sensitive to macroeconomic factors such as interest rate movements and credit growth, which could influence future performance.

Sectoral Context and Comparative Performance

The NBFC sector has shown resilience in recent months, supported by improving asset quality and steady credit demand. Aditya Birla Capital’s outperformance relative to the sector’s 0.05% daily gain highlights its relative strength and investor preference.

However, the stock remains 4.26% below its 52-week high, indicating some room for upside but also caution against overextension. The consistent gains over the past four sessions and the stock’s position above all major moving averages suggest a well-established uptrend, but investors should monitor for any signs of profit-taking or sector headwinds.

Investor Participation and Delivery Volumes

The sharp increase in delivery volume to 72.21 lakh shares on 24 Feb, a 126.44% rise over the five-day average, signals strong investor interest and confidence in the stock’s fundamentals. Higher delivery volumes often indicate genuine buying rather than speculative trading, which bodes well for sustained price appreciation.

Such rising investor participation, combined with the derivatives market activity, points to a broad-based bullish sentiment encompassing both cash and futures markets.

Outlook and Strategic Considerations

Given the current market positioning, investors should consider the implications of the rising open interest and volume patterns as indicators of potential directional bets favouring further gains. However, the recent downgrade to a ‘Hold’ rating advises prudence, suggesting that while momentum is positive, valuation and sector risks remain pertinent.

Traders and investors may benefit from monitoring key technical levels, including the 52-week high near ₹369.3, and watching for any shifts in open interest that could signal changes in market sentiment. Additionally, keeping an eye on broader NBFC sector trends and macroeconomic developments will be crucial for informed decision-making.

Conclusion

Aditya Birla Capital Ltd’s significant open interest surge, coupled with strong volume and price momentum, reflects growing market confidence and bullish positioning in the derivatives market. While the stock’s recent performance is encouraging, the cautious Mojo ‘Hold’ rating and sector sensitivities suggest a balanced approach. Investors should weigh the positive technical signals against fundamental considerations and remain vigilant for evolving market dynamics.

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