Granules India Sees Surge in Open Interest Amid Ongoing Stock Decline
Granules India Ltd has seen a significant rise in open interest, reaching 24,551 contracts, while trading volume hit 17,055. Despite this increase, the company's stock price has declined, underperforming its sector and showing a bearish trend across multiple moving averages. Delivery volume has also decreased notably.
Granules India Ltd, a mid-cap player in the Pharmaceuticals & Drugs sector, has experienced a notable increase in open interest (OI) today. The latest OI stands at 24,551 contracts, reflecting a rise of 2,701 contracts or 12.36% from the previous OI of 21,850. The trading volume for the day reached 17,055, contributing to a total futures value of approximately Rs 43,423.12 lakhs.Despite this uptick in open interest, Granules India has underperformed its sector, with a decline of 1.26% in its stock price today, compared to a sector decline of 0.70%. The stock has been on a downward trend, falling for three consecutive days and recording a total decline of 5.07% during this period. The intraday low was noted at Rs 475.5, marking a decrease of 3.44% from the previous close.
Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Delivery volume has also decreased significantly, falling by 34.13% against the 5-day average. Overall, while the increase in open interest is noteworthy, it comes amid a challenging trading environment for Granules India.
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