Surge in Open Interest Signals Increased Activity in Power Grid Futures Market
Power Grid Corporation of India Ltd has seen a significant rise in open interest in its futures market, reaching 66,591 contracts. Despite a recent decline in stock price and trading below key moving averages, the company maintains a strong market capitalization and a high dividend yield, indicating ongoing investor interest.
Power Grid Corporation of India Ltd (POWERGRID) has experienced a notable increase in open interest (OI) today, reflecting heightened activity in its futures market. The latest OI stands at 66,591 contracts, marking a significant rise from the previous OI of 59,159 contracts, resulting in a change of 7,432 contracts or a percentage increase of 12.56%. The trading volume for the day reached 29,633 contracts, contributing to a total futures value of approximately Rs 89,015.1 lakhs.In terms of price performance, Power Grid Corporation has outperformed its sector by 0.45%, despite facing a consecutive decline over the past two days, with a total drop of 1.6%. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend. Additionally, the stock's delivery volume has decreased by 9.45% compared to its 5-day average, suggesting a decline in investor participation.
With a market capitalization of Rs 2,63,951.14 crore, Power Grid Corporation maintains a high dividend yield of 3.13%. Overall, the increase in open interest highlights a shift in market dynamics, while the stock continues to navigate a challenging trading environment.
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