Indraprastha Gas Sees Surge in Open Interest Amidst Declining Price Trend
Indraprastha Gas Ltd (IGL) has seen a significant rise in open interest, reaching 16,800 contracts, alongside a trading volume of 10,584 contracts. Despite this increase, the stock has underperformed its sector and is currently trading below multiple moving averages, indicating a bearish trend in the market.
Indraprastha Gas Ltd (IGL), a prominent player in the gas transmission and marketing industry, has experienced a notable increase in open interest today. The latest open interest stands at 16,800 contracts, reflecting a rise of 2,133 contracts or 14.54% from the previous open interest of 14,667. The trading volume for the day reached 10,584 contracts, contributing to a futures value of approximately Rs 15,696.98 lakhs and an options value of around Rs 3,866.99 crores, culminating in a total value of Rs 16,731.55 lakhs.In terms of price performance, Indraprastha Gas has underperformed its sector by 0.93%, with the stock declining for three consecutive days and recording a total drop of 4.91% during this period. The stock touched an intraday low of Rs 178.32, marking a decrease of 3.82%. Additionally, it is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.
Overall, the increase in open interest amidst a declining price trend highlights a significant shift in market dynamics for Indraprastha Gas, warranting close observation.
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