Jindal Stainless Sees Significant Open Interest Surge Amidst Market Challenges
Jindal Stainless Ltd has seen a significant rise in open interest, reaching 10,638 contracts, alongside a trading volume of 11,289 contracts. Despite this increase, the stock has underperformed its sector, experiencing a decline in price and consecutive losses over the past two days. The company's market capitalization stands at Rs 57,499 crore.
Jindal Stainless Ltd (JSL), a prominent player in the Ferrous Metals industry, has experienced a notable increase in open interest today. The latest open interest stands at 10,638 contracts, reflecting a rise of 1,186 contracts or 12.55% from the previous open interest of 9,452. This surge in open interest coincides with a trading volume of 11,289 contracts, indicating heightened activity in the stock.Despite this uptick in open interest, Jindal Stainless has underperformed its sector, with a decline of 5.06% in its stock price today, compared to a sector return of -1.43%. The stock has faced consecutive losses over the past two days, accumulating a total decline of 6.19%. During today's trading session, the stock reached an intraday low of Rs 686.7, down 5.23% from its previous close.
In terms of liquidity, Jindal Stainless remains accessible for trading, with a delivery volume of 8.67 lakh shares on August 7, marking an increase of 81.33% against the five-day average. The stock's market capitalization is currently valued at Rs 57,499 crore, placing it within the mid-cap category. Overall, the increase in open interest highlights a significant shift in market dynamics for Jindal Stainless, amidst a challenging trading environment.
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