Mahanagar Gas Sees Surge in Open Interest Amid Price Decline and Market Activity

Apr 25 2025 03:00 PM IST
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Mahanagar Gas Ltd. has seen a significant rise in open interest, reaching 13,497 contracts, alongside a notable trading volume of 7,576 contracts. Despite this activity, the stock has declined, trading below key moving averages and experiencing a substantial drop in delivery volume, reflecting a challenging market environment.
Mahanagar Gas Ltd. (MGL), a key player in the Gas Transmission and Marketing industry, has experienced a notable increase in open interest today. The latest open interest stands at 13,497 contracts, reflecting a rise of 1,300 contracts or 10.66% from the previous open interest of 12,197. The trading volume for the day reached 7,576 contracts, indicating active participation in the market.

In terms of price performance, Mahanagar Gas has shown a decline, with the stock touching an intraday low of Rs 1,266, representing a decrease of 4.4%. The weighted average price suggests that more volume was traded closer to this low price. Currently, Mahanagar Gas is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend in the short to medium term.

Additionally, the stock has seen a significant drop in delivery volume, with a reported 2.43 lakh shares delivered on April 24, down 42.17% compared to the 5-day average. Despite these challenges, Mahanagar Gas maintains a market capitalization of Rs 12,725.54 crore, positioning it firmly within the mid-cap segment. Overall, the increase in open interest amid declining prices highlights a complex market dynamic for Mahanagar Gas.
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