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

Open Interest and Volume Dynamics

On 23 Feb 2026, GMR Airports Ltd (symbol: GMRAIRPORT) recorded an open interest (OI) of 49,529 contracts, up from 44,180 the previous session, marking a substantial increase of 5,349 contracts or 12.11%. This rise in OI, coupled with a futures volume of 23,466 contracts, indicates fresh capital inflows and active participation in the derivatives market. The futures value stood at ₹75,857.12 lakhs, while the options segment exhibited an enormous notional value of approximately ₹9,070.78 crores, culminating in a total derivatives market value of ₹76,830.90 lakhs for the day.

Such a pronounced increase in open interest often reflects new positions being established rather than existing ones being squared off. This suggests that traders are either initiating fresh bullish or bearish bets, or hedging existing exposures more aggressively. Given the concurrent price movement and volume patterns, the directional bias can be inferred with greater clarity.

Price Performance and Technical Indicators

GMR Airports has been on a positive trajectory, gaining 1.52% over the past two consecutive sessions. The stock’s 1-day return of 0.87% slightly lagged the sector’s 0.94% but outperformed the Sensex’s 0.33% gain, indicating relative strength within its industry. Notably, the share price is trading above all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — a technical hallmark of sustained upward momentum.

However, investor participation appears to be waning in the cash segment, with delivery volumes on 20 Feb falling sharply by 64.17% to 31.04 lakh shares compared to the 5-day average. This divergence between derivatives activity and cash market participation could imply that speculative interest is driving the recent momentum rather than fundamental buying.

Market Capitalisation and Rating Update

GMR Airports Ltd is classified as a mid-cap company with a market capitalisation of ₹1,06,846 crores. The company’s Mojo Score has improved to 51.0, reflecting a neutral stance, and its Mojo Grade was upgraded from Sell to Hold on 16 Feb 2026. Despite this upgrade, the Market Cap Grade remains low at 2, indicating limited liquidity or market depth relative to larger peers.

Interpreting the Open Interest Surge: Directional Bets and Market Positioning

The 12.1% increase in open interest alongside rising prices and volume suggests that market participants are predominantly taking bullish positions on GMR Airports. The stock’s outperformance relative to the Sensex and sector, combined with its position above all major moving averages, supports this view.

Nevertheless, the sharp decline in delivery volumes hints at a speculative rather than fundamental underpinning to the rally. Traders may be leveraging derivatives to express directional views with limited capital outlay or to hedge existing exposures amid uncertain macroeconomic conditions affecting transport infrastructure.

Given the futures value of ₹75,857 lakhs and options value exceeding ₹9,000 crores, the derivatives market for GMR Airports is highly active, providing ample liquidity for both hedgers and speculators. This liquidity facilitates complex strategies such as spreads, straddles, or protective puts, which could be employed to manage risk or capitalise on anticipated volatility.

Sectoral Context and Broader Market Implications

Transport infrastructure stocks have been under scrutiny due to fluctuating demand patterns and regulatory developments. GMR Airports’ recent performance aligns with a sectoral uptick, as investors anticipate recovery in air travel and infrastructure spending. The stock’s mojo upgrade from Sell to Hold reflects cautious optimism, balancing growth prospects against lingering uncertainties.

Investors should note that while the derivatives market activity signals increased interest, the mid-cap status and relatively low market cap grade suggest potential volatility and liquidity constraints. Careful monitoring of open interest trends, volume shifts, and price action remains essential to gauge sustainable momentum.

Investor Takeaway and Outlook

For investors tracking GMR Airports Ltd, the recent surge in open interest and positive price action signal a potential shift in market sentiment towards a more constructive outlook. The upgrade to a Hold rating by MarketsMOJO underscores this tempered optimism, suggesting that while the stock is no longer a sell, caution remains warranted.

Market participants should remain vigilant to changes in delivery volumes and broader sectoral trends, as these will provide further clues on the sustainability of the current momentum. The derivatives market activity offers valuable insights into institutional and retail positioning, which can be leveraged to anticipate near-term price movements.

Overall, GMR Airports Ltd presents an intriguing case of rising speculative interest amid improving fundamentals, making it a stock to watch closely in the transport infrastructure space.

Only Rs. 9,999 - Get MojoOne for 1 Year + 3 Months FREE (60% Off) Start Today