Hindustan Petroleum Sees Surge in Open Interest Amidst Declining Stock Performance
Hindustan Petroleum Corporation Ltd. has seen a notable rise in open interest, reaching 46,064 contracts, alongside a trading volume of 21,810 contracts. Despite this increase, the stock has underperformed its sector and is trading below key moving averages, indicating bearish market sentiment and reduced investor participation.
Hindustan Petroleum Corporation Ltd. (HINDPETRO) has experienced a significant increase in open interest today, reflecting notable trading activity. The latest open interest stands at 46,064 contracts, up from the previous figure of 40,283, marking a change of 5,781 contracts or a 14.35% increase. The trading volume for the day reached 21,810 contracts, contributing to a futures value of approximately Rs 101,076.57 lakhs.Despite this uptick in open interest, Hindustan Petroleum's stock has underperformed its sector by 0.5%, continuing a downward trend with a 2.33% decline over the past three days. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish sentiment in the market.
Additionally, the delivery volume has seen a significant drop of 72.61% compared to the 5-day average, suggesting a decrease in investor participation. The stock's liquidity remains adequate for trades up to Rs 2.56 crore, based on 2% of the 5-day average traded value. Overall, the increase in open interest amidst declining stock performance highlights a complex market scenario for Hindustan Petroleum Corporation.
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