Polycab India Ltd Sees 13.04% Surge in Open Interest to 24,965 Contracts

Polycab India Ltd, a prominent player in the Cables - Electricals industry, has experienced a significant increase in open interest today. The latest open interest stands at 24,965 contracts, reflecting a rise of 2,879 contracts or 13.04% from the previous open interest of 22,086. This uptick coincides with a trading volume of 34,123 contracts, indicating robust activity in the derivatives market.
In terms of price performance, Polycab India reached a new 52-week and all-time high of Rs 7,794.5, marking a 2.14% increase during the trading session. The stock has shown resilience, outperforming its sector by 1.09% and recording a 2.08% gain over the past two days. Notably, Polycab is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a strong upward trend.

Despite this positive momentum, there has been a decline in investor participation, with delivery volume dropping by 36.43% compared to the 5-day average. The stock remains liquid enough for trades sized at Rs 2.25 crore, based on 2% of the 5-day average traded value. Overall, the notable increase in open interest and the stock's recent performance highlight a dynamic trading environment for Polycab India.