Indraprastha Gas Sees Surge in Open Interest Amid Ongoing Market Challenges

Indraprastha Gas Ltd (IGL), a prominent player in the Gas Transmission and Marketing industry, has experienced a significant increase in open interest today. The latest open interest stands at 16,181 contracts, reflecting a rise of 1,514 contracts or 10.32% from the previous open interest of 14,667. The trading volume for the day reached 7,601 contracts, contributing to a total futures value of approximately Rs 11,208 lakhs.
Despite this uptick in open interest, the stock has underperformed relative to its sector, declining by 0.72% today. Over the past three days, IGL has seen a consecutive fall, with a total decline of 4.52%. The stock touched an intraday low of Rs 178.32, marking a decrease of 3.82% from the previous close. Additionally, the weighted average price indicates that more volume was traded closer to this low price.

Indraprastha Gas is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend. The delivery volume has also decreased significantly, falling by 36.67% compared to the 5-day average. Overall, while the increase in open interest is notable, the stock's recent performance reflects ongoing challenges in the market.