Open Interest and Volume Dynamics
On 27 Jan 2026, GMR Airports Ltd’s open interest (OI) in derivatives rose sharply to 55,862 contracts from 50,720 the previous session, marking an increase of 5,142 contracts or 10.14%. This expansion in OI was accompanied by a futures volume of 23,889 contracts, reflecting active trading interest. The combined futures and options value stood at approximately ₹7,44,04.25 lakhs, with futures contributing ₹72,209.01 lakhs and options an overwhelming ₹8,558.57 crores, underscoring the significant derivatives market footprint of the stock.
The underlying stock price was ₹90, trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — indicating a sustained downtrend. The stock has declined by 0.44% on the day, underperforming its sector by 0.34% and the Sensex by 0.70% (Sensex up 0.26%). Over the past two days, GMR Airports has lost 4.52% in value, reflecting persistent selling pressure.
Market Positioning and Sentiment
The rise in open interest amid falling prices typically signals that new short positions are being established, or existing shorts are being added to, suggesting bearish bets by market participants. This is corroborated by the stock’s Mojo Score of 39.0 and a Mojo Grade of Sell, recently downgraded from Strong Sell on 2 Sep 2025, indicating a deteriorating fundamental and technical outlook.
Investor participation has also waned, with delivery volume on 23 Jan falling by 15.48% to 53.18 lakh shares compared to the 5-day average. This decline in delivery volume suggests reduced conviction among long-term holders, potentially amplifying volatility as short-term traders dominate price action.
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Technical and Fundamental Context
GMR Airports Ltd operates in the transport infrastructure sector, a space sensitive to macroeconomic factors such as travel demand, government policy, and capital expenditure cycles. The company’s market capitalisation stands at ₹95,717 crore, categorising it as a mid-cap stock with moderate liquidity. The stock’s liquidity supports trade sizes up to ₹1.77 crore based on 2% of the 5-day average traded value, making it accessible for institutional and retail traders alike.
Despite the recent negative momentum, the stock’s valuation and fundamentals have been under pressure, as reflected in the downgrade of its Mojo Grade from Strong Sell to Sell. This downgrade on 2 Sep 2025 reflects a reassessment of earnings prospects, sector headwinds, and technical weakness. The current market positioning, with rising open interest and falling prices, suggests that traders are increasingly betting on further downside or at least a continuation of the current bearish trend.
Implications for Investors and Traders
The surge in open interest alongside declining prices is a cautionary signal for investors. It implies that fresh short positions are being built, potentially anticipating further price erosion. Traders should be wary of increased volatility and consider the risk of sharp moves if market sentiment shifts abruptly.
For long-term investors, the falling delivery volumes and technical weakness suggest a need to reassess exposure to GMR Airports Ltd. The stock’s underperformance relative to its sector and the broader market indicates that it is currently out of favour, and a recovery may require positive catalysts such as improved earnings guidance or sectoral tailwinds.
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Sector and Market Outlook
The transport infrastructure sector has been navigating a challenging environment marked by fluctuating travel demand and regulatory uncertainties. GMR Airports Ltd’s recent price action and derivatives activity reflect these headwinds. While the Sensex has managed a modest gain of 0.26% on the day, GMR Airports has lagged, highlighting stock-specific pressures.
Investors should monitor upcoming earnings releases, government infrastructure policies, and broader economic indicators that could influence the sector’s trajectory. The current derivatives positioning suggests that market participants are bracing for continued volatility and potential downside in the near term.
Conclusion
The sharp increase in open interest for GMR Airports Ltd’s derivatives amid falling prices and declining investor participation paints a picture of growing bearish sentiment. The stock’s technical weakness, combined with a recent downgrade in its Mojo Grade to Sell, signals caution for investors and traders alike. While the transport infrastructure sector remains critical to India’s growth story, GMR Airports currently faces headwinds that may limit near-term upside.
Market participants should closely watch changes in open interest and volume patterns as indicators of evolving positioning and sentiment. For those invested or considering exposure, a thorough analysis of fundamentals and alternative opportunities within the sector is advisable.
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