Indraprastha Gas Sees Surge in Open Interest Amidst Ongoing Stock Decline

Indraprastha Gas Ltd (IGL), a prominent player in the gas industry, has experienced a notable increase in open interest today. The latest open interest stands at 18,585 contracts, reflecting a rise of 2,076 contracts or 12.57% from the previous open interest of 16,509. The trading volume for the day reached 18,256 contracts, contributing to a futures value of approximately Rs 15,404.76 lakhs.
Despite this uptick in open interest, the stock has underperformed relative to its sector, declining by 3.24% today, while the sector itself saw a decrease of 1.50%. IGL has been on a downward trend, with the stock losing value for four consecutive days, resulting in an overall decline of 8.6% during this period. Today, the stock opened with a loss of 2.04% and hit an intraday low of Rs 193.12, marking a decrease of 4.93%.

Additionally, the stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. However, there has been a rise in delivery volume, which increased by 29.98% compared to the 5-day average, indicating a level of liquidity sufficient for trades around Rs 1.77 crore. Overall, the increase in open interest amidst a challenging trading environment highlights the dynamic nature of IGL's market activity.