Indraprastha Gas Sees Surge in Open Interest Amid Ongoing Market Challenges

Indraprastha Gas Ltd (IGL), a prominent player in the gas industry, has experienced a significant increase in open interest today, reflecting heightened trading activity. The latest open interest stands at 18,660 contracts, marking a rise of 2,151 contracts or 13.03% from the previous open interest of 16,509. The trading volume for the day reached 20,197 contracts, indicating robust participation in the market.
Despite this surge in open interest, the stock has underperformed relative to its sector, declining by 2.51% today, while the sector itself saw a smaller drop of 1.28%. Over the past four days, Indraprastha Gas has faced consecutive losses, totaling an 8.64% decline. The stock opened lower today, with a gap down of 2.04%, and hit an intraday low of Rs 193.12, down 4.93%.

In terms of liquidity, the stock remains accessible for trading, with a delivery volume of 24.77 lakh shares on June 12, which is a 29.98% increase compared to the five-day average. Overall, while the increase in open interest suggests active trading, the stock's recent performance indicates ongoing challenges in the market.