High-Value Trading and Market Activity
On 28 November 2025, Refex Industries (symbol: REFEX) emerged as one of the most actively traded stocks by value on the exchange. The company witnessed a total traded volume of 67,73,706 shares, translating into a substantial traded value of approximately ₹2,395.7 crores. This level of activity underscores strong investor engagement and liquidity within the stock, making it a focal point for market participants on the day.
The stock opened at ₹336.0, representing a gap up of 4.87% from the previous close of ₹320.4. Throughout the trading session, Refex Industries touched an intraday high of ₹361.0, marking a 12.17% increase from the prior close, before settling at the last traded price (LTP) of ₹361.0 as of 09:45 IST. The day’s low was recorded at ₹330.1, indicating a relatively wide trading range and active price discovery.
Outperformance Relative to Sector and Benchmark Indices
Refex Industries’ price movement on the day notably outperformed its sector peers and broader market indices. The stock’s one-day return stood at 12.20%, compared with a sector return of 0.23% and the Sensex’s marginal gain of 0.07%. This divergence highlights the stock’s relative strength within the Other Chemical products sector and the wider market context.
Such outperformance may be indicative of specific company developments or shifts in investor sentiment favouring Refex Industries, distinguishing it from the broader sector trends.
Price and Volume Dynamics
Analysis of the weighted average price reveals that a greater volume of shares traded closer to the day’s low price, suggesting that while the stock reached higher intraday levels, significant trading interest was concentrated near the lower end of the price range. This pattern can reflect a mix of profit-taking and accumulation activity among investors.
From a technical perspective, the stock’s price is positioned above its 5-day, 20-day, and 50-day moving averages, signalling short- to medium-term momentum. However, it remains below the 100-day and 200-day moving averages, which may indicate that longer-term trends are yet to fully align with the recent price strength.
Institutional and Investor Participation
Investor participation metrics show a decline in delivery volume, with 86,690 shares delivered on 27 November 2025, representing a 36.43% reduction compared to the five-day average delivery volume. This decrease in delivery volume could suggest a shift in trading behaviour, possibly reflecting more speculative or intraday trading rather than long-term holding.
Despite this, the stock’s liquidity remains robust, with the traded value representing approximately 2% of the five-day average traded value. This liquidity level supports trade sizes of around ₹0.2 crore without significant market impact, making Refex Industries accessible for both retail and institutional investors.
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Market Capitalisation and Sector Context
Refex Industries is classified as a small-cap company with a market capitalisation of approximately ₹4,393 crores. Operating within the Other Chemical products industry, the company’s market cap grade is noted as 3, reflecting its relative size within the sector.
The Other Chemical products sector has experienced modest returns recently, with the sector’s one-day return at 0.23%. Refex Industries’ performance on the day stands out against this backdrop, suggesting company-specific factors or investor interest driving its price action.
Trading Patterns and Technical Indicators
The stock’s trading pattern on 28 November 2025 shows a notable gap up at the open, which often signals positive sentiment or reaction to news or market developments. The intraday high of ₹361.0 represents a significant premium to the previous close, while the weighted average price indicates that a substantial portion of trading occurred nearer to the lower price levels of the day.
Moving averages provide a mixed technical picture. The stock’s price exceeding the 5-day, 20-day, and 50-day averages suggests recent upward momentum. However, remaining below the 100-day and 200-day averages may imply that longer-term trends have yet to confirm a sustained uptrend.
Investor Considerations and Market Assessment
Investors analysing Refex Industries should consider the stock’s liquidity, trading volume, and price action in the context of its sector and broader market environment. The high value turnover and relative outperformance indicate strong market interest, but the decline in delivery volume points to a potential shift in investor behaviour towards shorter-term trading.
Given the company’s small-cap status and sector positioning, market participants may wish to monitor ongoing developments and broader sector trends to assess the sustainability of recent price movements.
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Summary and Outlook
Refex Industries’ trading session on 28 November 2025 was marked by substantial value turnover and a price performance that outpaced its sector and the Sensex. The stock’s liquidity and volume metrics support active trading, while technical indicators suggest a mixed momentum picture with short-term strength yet longer-term resistance levels to consider.
Market participants should weigh these factors alongside broader sector dynamics and company-specific developments to form a comprehensive view of Refex Industries’ investment potential. The evolving trading patterns and investor participation metrics highlight the importance of monitoring ongoing market activity closely.
Additional Considerations
While Refex Industries demonstrated notable market activity, investors are advised to consider the company’s fundamentals and sector outlook in conjunction with price and volume data. The stock’s small-cap classification may entail higher volatility and risk, which should be factored into investment decisions.
Overall, the trading data from 28 November 2025 provides valuable insights into market sentiment and liquidity conditions surrounding Refex Industries, offering a foundation for further analysis and strategic positioning.
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