APL Apollo Tubes Sees 23.2% Surge in Open Interest Amid Mixed Market Performance

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 43,465 contracts, reflecting a notable rise of 8,186 contracts or 23.2% from the previous open interest of 35,279. This surge in open interest comes alongside a trading volume of 23,682 contracts, indicating active participation in the market.
In terms of price performance, APL Apollo Tubes is currently trading at an underlying value of Rs 1,751. The stock has shown resilience, trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. However, it has seen a slight decline of 0.21% today, contrasting with a sector return of 0.17% and a Sensex return of -0.52%.

Despite the recent uptick in open interest, the stock has experienced a drop in delivery volume, which fell by 49.76% compared to the 5-day average, with a delivery volume of 1.22 lakh on October 23. Overall, APL Apollo Tubes continues to maintain a market capitalization of Rs 48,586.30 crore, positioning itself as a mid-cap entity in the industry. The increase in open interest highlights a shift in market dynamics, warranting close observation.