Indian Oil Corporation Sees Significant Rise in Open Interest Amid Market Dynamics
Indian Oil Corporation Ltd (IOC) has seen a significant rise in open interest, reaching 31,302 contracts. The trading volume for the day was 19,990 contracts, with a futures value of approximately Rs 27,206.25 lakhs. Despite this, IOC's stock underperformed its sector and experienced a decline in delivery volume.
Indian Oil Corporation Ltd (IOC), a prominent player in the oil exploration and refinery sector, has experienced a notable increase in open interest today. The latest open interest stands at 31,302 contracts, reflecting a rise of 2,904 contracts or 10.23% from the previous open interest of 28,398. The trading volume for the day reached 19,990 contracts, contributing to a futures value of approximately Rs 27,206.25 lakhs.In terms of price performance, IOC underperformed its sector by 1.96%, with the stock hitting an intraday low of Rs 132.82, marking a decline of 4.02%. The weighted average price indicates that more volume was traded closer to this low price. While the stock remains above its 20-day, 50-day, and 100-day moving averages, it is currently below its 5-day and 200-day moving averages. Additionally, delivery volume has seen a decline of 29.75% compared to the 5-day average, with a total delivery volume of 42.77 lakhs recorded on April 24.
With a market capitalization of Rs 1,90,227.20 crore, Indian Oil Corporation continues to maintain a high dividend yield of 5.06% at the current price, indicating its established position in the market. Overall, the increase in open interest highlights a significant shift in trading activity for IOC, reflecting the dynamics of the current market environment.
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