ICICI Bank Sees 16% Surge in Open Interest Amid Increased Futures Activity
ICICI Bank Ltd., a prominent player in the private sector banking industry, has experienced a significant increase in open interest today. The latest open interest stands at 269,856 contracts, reflecting a rise of 37,225 contracts or 16.0% from the previous open interest of 232,631. This uptick comes alongside a trading volume of 149,723 contracts, indicating heightened activity in the derivatives market.Despite this surge in open interest, ICICI Bank's stock has underperformed relative to its sector, with a decline of 0.57% today, while the sector itself saw a slight gain of 0.12%. Over the past week, the stock has faced consecutive losses, totaling a drop of 4.89%. Currently, ICICI Bank is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a challenging market position.
The liquidity of ICICI Bank remains robust, with a delivery volume of 1.37 crore on September 26, marking a 60.79% increase compared to the 5-day average. The stock's market capitalization is approximately Rs 9,74,008 crore, solidifying its status as a large-cap entity. Overall, the notable rise in open interest highlights a shift in market dynamics for ICICI Bank, amidst its recent performance challenges.
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