Polycab India Ltd Sees 15.04% Surge in Open Interest to 32,423 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 32,423 contracts, reflecting a rise of 4,239 contracts or 15.04% from the previous open interest of 28,184. This uptick coincides with a trading volume of 39,387 contracts, indicating active market participation.
In terms of price performance, Polycab India reached a new 52-week and all-time high of Rs. 7,903 today. However, the stock has shown a slight decline of 1.01% in its one-day return, while the sector and Sensex recorded losses of 0.90% and 0.33%, respectively. Notably, Polycab India is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a strong position in the market.

Despite this positive trend in open interest, there has been a decline in investor participation, with delivery volume dropping by 18.57% compared to the 5-day average. The stock remains liquid enough for trades sized at Rs 5.64 crore, based on 2% of the 5-day average traded value. Overall, the increase in open interest highlights a notable shift in market dynamics for Polycab India.