Mahanagar Gas Ltd. Sees Surge in Open Interest Amid Mixed Trading Performance
Mahanagar Gas Ltd. has seen a notable rise in open interest, reaching 10,168 contracts, alongside increased trading volume of 6,859 contracts. Despite this activity, the stock has underperformed its sector and experienced a decline in value. Delivery volume also surged significantly, indicating changing trading dynamics.
Mahanagar Gas Ltd. has experienced a significant increase in open interest today, reflecting heightened activity in its trading. The latest open interest stands at 10,168 contracts, up from the previous 7,966 contracts, marking a change of 2,202 contracts or a 27.64% increase. The trading volume for the day reached 6,859 contracts, contributing to a total futures value of approximately Rs 10,424.46 lakhs.Despite this surge in open interest, Mahanagar Gas Ltd. has underperformed its sector by 2.47%, with a 1D return of -2.97%. The stock touched an intraday low of Rs 1,334.5, reflecting a decline of 3.49%. The weighted average price indicates that more volume was traded closer to this low price. While the stock is currently above its 100-day moving averages, it remains below the 5-day, 20-day, 50-day, and 200-day moving averages.
Additionally, the delivery volume has seen a notable rise, with 2.54 lakh shares delivered on May 29, up 105.07% compared to the 5-day average. Mahanagar Gas Ltd. maintains a market capitalization of Rs 13,252.03 crore, positioning it as a mid-cap player in the gas industry. Overall, the increase in open interest highlights a shift in trading dynamics, although the stock's performance has faced recent challenges.
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