Canara Bank Sees Significant Open Interest Surge Amidst Price Declines and Market Activity

Canara Bank, a prominent player in the public sector banking industry, has experienced a significant increase in open interest today. The latest open interest stands at 67,575 contracts, reflecting a rise of 6,496 contracts or 10.64% from the previous open interest of 61,079. This uptick comes alongside a trading volume of 49,367 contracts, indicating active market participation.
In terms of price performance, Canara Bank has underperformed its sector by 1.74%, with the stock recording a decline of 2.59% on the day. Over the past four days, the stock has faced consecutive losses, totaling a drop of 6.71%. The intraday low reached Rs 108.95, marking a decrease of 2.75% from the previous close. The weighted average price suggests that more volume was traded closer to this low price.

Despite these challenges, Canara Bank maintains a high dividend yield of 3.57% at the current price, and its market capitalization is approximately Rs 98,988.02 crore, categorizing it as a large-cap stock. Overall, the notable increase in open interest highlights a shift in market dynamics for Canara Bank, reflecting ongoing trading activity amidst recent price fluctuations.