Polycab India Ltd Sees 19.13% Surge in Open Interest to 31,579 Contracts
Polycab India Ltd has seen a notable rise in open interest, reaching 31,579 contracts, alongside a trading volume of 42,935 contracts, indicating increased activity in the derivatives market. Despite recent price declines, the company retains a strong market capitalization of Rs 1,13,235 crore and robust liquidity.
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 31,579 contracts, reflecting a rise of 5,071 contracts or 19.13% from the previous open interest of 26,508. This surge in open interest coincides with a trading volume of 42,935 contracts, indicating heightened activity in the derivatives market.In terms of price performance, Polycab India is currently trading just 2.78% below its 52-week high of Rs 7,714. However, the stock has underperformed its sector by 0.64% today, marking a decline of 1.16% in its one-day return. Notably, the stock has been on a downward trend for the past three days, accumulating a total loss of 1.98% during this period.
Despite these challenges, Polycab India maintains a solid market capitalization of Rs 1,13,235 crore, categorizing it as a mid-cap stock. The stock's liquidity remains robust, with a delivery volume of 2.65 lakh shares on September 24, which is 41.52% higher than its five-day average. Overall, the notable increase in open interest highlights a shift in market dynamics for Polycab India, warranting attention from market participants.
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