Bharat Petroleum Sees 10.6% Surge in Open Interest Amid Increased Futures Activity
Bharat Petroleum Corporation Ltd (BPCL) has seen a significant rise in open interest, indicating heightened trading activity. The stock has underperformed its sector and experienced a decline after previous gains, with notable drops in delivery volume. BPCL maintains a strong market capitalization within the oil industry.
Bharat Petroleum Corporation Ltd (BPCL) has experienced a notable increase in open interest today, reflecting significant trading activity. The latest open interest stands at 38,963 contracts, up from the previous figure of 35,228, marking a change of 3,735 contracts or a 10.6% increase. The trading volume for the day reached 32,368 contracts, contributing to a total futures value of approximately Rs 75,530.54 lakhs.In terms of price performance, BPCL has underperformed its sector by 1.56%, with the stock falling after two consecutive days of gains. The stock touched an intraday low of Rs 330.05, representing a decline of 2.65%. While BPCL's current price is above its 50-day, 100-day, and 200-day moving averages, it remains below the 5-day and 20-day moving averages, indicating mixed short-term trends.
Additionally, the stock has seen a significant drop in delivery volume, with a reported 1.7 lakh shares delivered on October 21, down 96.96% compared to the 5-day average. Despite these fluctuations, BPCL maintains a market capitalization of Rs 1,45,014.55 crore, positioning it firmly within the large-cap segment of the oil industry. Overall, the increase in open interest highlights a shift in trading dynamics for BPCL, warranting attention from market participants.
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