APL Apollo Tubes Sees Significant Open Interest Surge Amidst Market Activity
APL Apollo Tubes Ltd has seen a notable rise in open interest, reaching 38,134 contracts, alongside a trading volume of 47,960 contracts. The stock has outperformed its sector recently, achieving a 3.91% gain over two days, despite a decline in delivery volume. Its market capitalization stands at Rs 43,016 crore.
APL Apollo Tubes Ltd, a prominent player in the Iron & Steel Products industry, has experienced a significant increase in open interest today. The latest open interest stands at 38,134 contracts, reflecting a rise of 5,318 contracts or 16.21% from the previous open interest of 32,816. This uptick coincides with a trading volume of 47,960 contracts, indicating robust activity in the market.In terms of price performance, APL Apollo Tubes has outperformed its sector by 2.48%, with a notable 3.91% gain over the last two days. The stock reached an intraday high of Rs 1,569, marking a 3.57% increase during the session. However, it is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a mixed technical outlook.
Despite a decline in delivery volume, which fell by 29.19% against the 5-day average, the stock remains liquid enough for trades sized at Rs 4.51 crore, based on 2% of the 5-day average traded value. With a market capitalization of Rs 43,016 crore, APL Apollo Tubes continues to be a significant entity in the large-cap segment. Overall, the increase in open interest highlights a notable shift in market dynamics for the stock.
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