Mahanagar Gas Sees Surge in Open Interest Amid Increased Trading Activity
Mahanagar Gas Ltd. has seen a significant rise in open interest and trading volume, indicating increased market activity. The stock has experienced a notable increase in delivery volume and remains above key moving averages, despite recent underperformance in its sector. The company's market capitalization stands at Rs 14,627.01 crore.
Mahanagar Gas Ltd. has experienced a notable increase in open interest today, reflecting heightened activity in the stock. The latest open interest stands at 13,762 contracts, up from the previous 12,386, marking a change of 1,376 contracts or an 11.11% increase. The trading volume for the day reached 8,170 contracts, contributing to a total futures value of approximately Rs 7,885.19 lakhs and an options value of around Rs 4,287.64 lakhs, bringing the total to Rs 8,964.35 lakhs.In terms of price performance, Mahanagar Gas has underperformed its sector by 1.78%, with the stock falling after six consecutive days of gains. It touched an intraday low of Rs 1,472.90, reflecting a decline of 2.57%. Despite this, the stock is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally positive trend over the longer term.
Additionally, the stock has seen a significant rise in delivery volume, with 675,000 shares delivered on June 27, representing a 160.51% increase compared to the 5-day average. Mahanagar Gas, with a market capitalization of Rs 14,627.01 crore, remains a liquid option for trades of up to Rs 3.02 crore based on 2% of the 5-day average traded value. Overall, the increase in open interest and trading volume highlights a dynamic trading environment for Mahanagar Gas.
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