Mankind Pharma Sees 13.54% Surge in Open Interest Amid Declining Stock Performance

Mankind Pharma Ltd, a prominent player in the Pharmaceuticals & Biotechnology sector, has experienced a significant increase in open interest today. The latest open interest stands at 15,330 contracts, reflecting a rise of 1,828 contracts or 13.54% from the previous open interest of 13,502. This uptick comes alongside a trading volume of 16,064 contracts, indicating heightened activity in the derivatives market.
Despite this surge in open interest, Mankind Pharma's stock has underperformed relative to its sector, declining by 1.77% today, while the sector itself saw a modest decrease of 0.36%. The stock opened lower, with a gap down of 2.56%, and reached an intraday low of Rs 2,248.6, marking a decline of 2.62% during the trading session. Over the past three days, the stock has faced consecutive losses, totaling a drop of 5.42%.

In terms of liquidity, Mankind Pharma remains accessible for trading, with a delivery volume of 312,000 shares on November 6, reflecting a 42.69% increase compared to the five-day average. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a challenging market position. Overall, the notable increase in open interest highlights a shift in market dynamics for Mankind Pharma, amidst a backdrop of declining stock performance.