Hindustan Petroleum Sees Surge in Open Interest, Indicating Market Activity Shift
Hindustan Petroleum Corporation Ltd. has seen a notable rise in open interest, reaching 50,586 contracts, indicating increased trading activity. The stock is trading above several moving averages and offers a high dividend yield of 3.91%. Despite a drop in delivery volume, liquidity remains sufficient for trading.
Hindustan Petroleum Corporation Ltd. (HINDPETRO) has experienced a significant increase in open interest today, reflecting heightened activity in the stock. The latest open interest stands at 50,586 contracts, marking a rise of 5,982 contracts or 13.41% from the previous open interest of 44,604. The trading volume for the day reached 19,422 contracts, contributing to a total futures value of approximately Rs 104,835.40 lakhs.In terms of price performance, Hindustan Petroleum has underperformed its sector by 0.6%, although it has shown a slight gain of 0.07% over the past two days. The stock is currently trading above its 50-day, 100-day, and 200-day moving averages, but below its 5-day and 20-day moving averages. Notably, the stock has a high dividend yield of 3.91% at the current price, indicating a steady return for shareholders.
Despite a decline in delivery volume, which fell by 41.95% against the 5-day average, the stock remains liquid enough for trades sized at Rs 2.77 crore, based on 2% of the 5-day average traded value. Overall, the increase in open interest highlights a notable shift in market dynamics for Hindustan Petroleum Corporation.
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