Hindustan Petroleum Sees Surge in Open Interest Amid Mixed Stock Performance
Hindustan Petroleum Corporation Ltd. has seen a notable rise in open interest, reaching 45,541 contracts, alongside a trading volume of 19,907 contracts. Despite this activity, the stock has underperformed its sector and is currently trading above several moving averages, indicating a complex market situation.
Hindustan Petroleum Corporation Ltd. (HINDPETRO) has experienced a significant increase in open interest today, reflecting notable activity in the stock. The latest open interest stands at 45,541 contracts, up from the previous 40,788, marking a change of 4,753 contracts or an 11.65% increase. The trading volume for the day reached 19,907 contracts, contributing to a total futures value of approximately Rs 92,167.26 lakhs.Despite this uptick in open interest, Hindustan Petroleum's stock has underperformed its sector, showing a decline of 0.32% compared to a slight gain of 0.02% in the sector. The stock has been on a downward trend, losing 3.48% over the last two days. It touched an intraday high of Rs 430.9, reflecting a 2.16% increase at one point during the trading session.
The stock's performance metrics indicate that it is currently trading above its 50-day, 100-day, and 200-day moving averages, yet below its 5-day and 20-day averages. With a high dividend yield of 3.91% and sufficient liquidity for trades of Rs 2.94 crore, Hindustan Petroleum remains a key player in the oil industry. Overall, the increase in open interest highlights a shift in market dynamics, warranting attention from market participants.
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