GMR Airports Ltd Sees Significant Open Interest Surge Amid Positive Market Momentum

Open Interest and Volume Dynamics

The latest data reveals that open interest (OI) in GMR Airports Ltd’s futures and options contracts rose from 44,180 to 48,894 contracts, an increase of 4,714 contracts or 10.67% as of 23 Feb 2026. This expansion in OI is accompanied by a futures volume of 21,197 contracts, underscoring active participation in the derivatives market. The combined futures and options value stands at approximately ₹6,74,14 lakhs, with futures contributing ₹66,493.69 lakhs and options an overwhelming ₹8,409.26 crores in notional value.

Such a pronounced rise in open interest typically indicates fresh capital entering the market, either through new long positions or short covering. Given the concurrent price gains and volume patterns, it suggests that investors are increasingly positioning for a directional move, likely bullish, in GMR Airports Ltd.

Price Performance and Technical Indicators

GMR Airports Ltd has recorded a 0.77% gain on the day, outperforming the sector’s 0.50% and the Sensex’s 0.40% returns. The stock has been on a two-day consecutive gain streak, delivering a cumulative return of 1.47% over this period. Notably, the share price is trading above all key moving averages – 5-day, 20-day, 50-day, 100-day, and 200-day – signalling a robust uptrend and positive market sentiment.

However, despite the price strength, investor participation appears to be waning. Delivery volume on 20 Feb was 31.04 lakh shares, down sharply by 64.17% compared to the five-day average delivery volume. This decline in delivery volume suggests that while short-term speculative interest is rising, longer-term investor conviction may be subdued or cautious.

Market Capitalisation and Sector Context

With a market capitalisation of ₹1,06,846 crore, GMR Airports Ltd is classified as a mid-cap stock within the transport infrastructure sector. The company’s Mojo Score has improved to 51.0, upgrading its Mojo Grade from Sell to Hold as of 16 Feb 2026. This reflects a moderate improvement in fundamentals and technical outlook, though the stock remains under watch for further confirmation of strength.

Interpreting the Open Interest Surge: Directional Bets and Market Positioning

The 10.67% increase in open interest, coupled with rising prices and volume, points to a strengthening bullish bias among market participants. Traders appear to be building fresh long positions, anticipating further upside in GMR Airports Ltd’s share price. This is consistent with the stock’s technical positioning above all major moving averages, which often acts as a magnet for momentum-driven buying.

Moreover, the futures value of ₹66,493.69 lakhs and the substantial options notional value indicate significant hedging and speculative activity. The options market, with its large notional exposure, suggests that investors are employing a variety of strategies, including calls and puts, to capitalise on expected volatility or directional moves.

However, the sharp decline in delivery volume signals a divergence between short-term trading enthusiasm and longer-term investor commitment. This could imply that while traders are actively positioning in derivatives, institutional or retail investors remain cautious, possibly awaiting clearer fundamental triggers or macroeconomic signals.

Sectoral and Broader Market Implications

Within the transport infrastructure sector, GMR Airports Ltd’s performance is in line with sectoral trends, which have shown moderate gains amid improving economic activity and infrastructure spending. The stock’s outperformance relative to the Sensex and sector indices highlights its potential as a key beneficiary of sectoral tailwinds.

Investors should monitor upcoming corporate developments, government policy announcements, and macroeconomic indicators that could influence the transport infrastructure space. Given the mid-cap status and current Hold rating, GMR Airports Ltd presents a balanced risk-reward profile, suitable for investors with a moderate risk appetite.

Outlook and Investor Considerations

GMR Airports Ltd’s recent open interest surge and price momentum suggest a cautiously optimistic outlook. The upgrade from Sell to Hold by MarketsMOJO reflects improved fundamentals and technicals, though the Mojo Score of 51.0 indicates room for further improvement before a Buy rating can be considered.

Investors should weigh the positive technical signals against the subdued delivery volumes and mid-cap volatility. The stock’s liquidity, with a trade size capacity of approximately ₹4.71 crore based on 2% of the five-day average traded value, supports active trading but also necessitates careful position sizing.

Given the current market positioning, directional bets appear to favour upside potential, but investors are advised to monitor open interest trends, volume patterns, and sector developments closely. Any sustained increase in delivery volumes alongside price gains would strengthen the bullish case.

In summary, GMR Airports Ltd is attracting renewed interest in the derivatives market, signalling a potential shift in market sentiment. While the stock remains a Hold on the Mojo grading scale, the evolving technical and volume dynamics warrant close attention from traders and investors alike.

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