Key Events This Week
27 Jan: Modest price gain amid rising Sensex (+0.04%)
28 Jan: Sharp open interest surge with 1.45% price rise
29 Jan: Heavy put option activity and 1.58% price decline
30 Jan: Continued selling pressure closes week at Rs.752.45 (-2.27%)
27 January: Modest Gains Amid Broader Market Strength
On 27 January 2026, SBI Cards edged up slightly by 0.04% to close at Rs.771.05, marginally outperforming the previous close of Rs.770.75. This came alongside a robust Sensex gain of 0.50%, which closed at 35,786.84. The stock’s volume was moderate at 26,042 shares, indicating cautious investor participation. Despite the broader market optimism, SBI Cards showed limited momentum, reflecting underlying uncertainty.
28 January: Sharp Open Interest Surge Amid Mixed Signals
SBI Cards recorded a notable 1.45% price increase to Rs.782.25 on 28 January, supported by a significant 15.5% surge in open interest in its derivatives segment. The open interest rose from 25,307 to 29,227 contracts, signalling heightened market activity and fresh positioning. Futures volume was robust at 24,409 contracts, with a combined futures and options notional value exceeding ₹11,309 crores, underscoring strong speculative and hedging interest.
Despite this surge, the stock underperformed the Finance/NBFC sector’s 2.15% gain and the Sensex’s 1.12% rise, highlighting a divergence between derivatives activity and cash market performance. Technically, SBI Cards remained below key moving averages, indicating persistent bearish pressure despite the intraday high of Rs.793.8 (+2.96%). Delivery volumes declined sharply by 51.85% to 3.32 lakh shares, suggesting waning long-term investor conviction.
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29 January: Heavy Put Option Activity Signals Bearish Sentiment
The stock reversed course on 29 January, declining 1.58% to close at Rs.769.90 amid heavy put option activity. Put contracts at the ₹780 strike price expiring on 24 February saw 1,908 contracts traded, generating a turnover of approximately ₹44.10 crores. This surge in put volumes reflects increased bearish positioning and hedging ahead of the expiry, with open interest at 800 contracts indicating sustained interest.
SBI Cards underperformed its sector by 0.98%, with the NBFC sector nearly flat (-0.01%) and the Sensex down 0.48%. The stock touched an intraday low of Rs.763.45 (-2.42%), confirming renewed selling pressure. Delivery volumes rose 4.81% to 6.43 lakh shares, suggesting active investor participation possibly linked to position adjustments or hedging.
Open interest in derivatives surged further by 16.3% to 35,470 contracts, accompanied by a futures volume of 31,069 contracts and a combined notional value exceeding ₹15,338 crores in options. This elevated activity points to fresh short positions or liquidation of longs amid sustained technical weakness below all major moving averages.
30 January: Continued Selling Pressure Closes Week Lower
On the final trading day of the week, SBI Cards declined 2.27% to Rs.752.45, marking the lowest close of the week. The Sensex also retreated by 0.22% to 36,185.03, but the stock’s underperformance was more pronounced. Volume remained elevated at 171,649 shares, reflecting persistent selling interest. The stock’s technical setup remains bearish, compounded by a recent downgrade to a Sell rating by MarketsMOJO on 20 January 2026, with a Mojo Score of 44.0 and a Market Cap Grade of 2.
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Weekly Price Performance: SBI Cards vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-01-27 | Rs.771.05 | +0.04% | 35,786.84 | +0.50% |
| 2026-01-28 | Rs.782.25 | +1.45% | 36,188.16 | +1.12% |
| 2026-01-29 | Rs.769.90 | -1.58% | 36,266.59 | +0.22% |
| 2026-01-30 | Rs.752.45 | -2.27% | 36,185.03 | -0.22% |
Key Takeaways
1. Divergent Performance: SBI Cards closed the week down 2.37%, underperforming the Sensex’s 1.62% gain, reflecting stock-specific challenges amid a broadly positive market.
2. Elevated Derivatives Activity: Sharp surges in open interest and heavy put option volumes indicate heightened market engagement and a tilt towards bearish positioning or hedging strategies.
3. Technical Weakness: The stock remains below all major moving averages, signalling sustained bearish momentum and technical headwinds that have tempered price gains.
4. Rating Downgrade Impact: The recent downgrade to a Sell rating by MarketsMOJO, coupled with a low Mojo Score of 44.0, has likely contributed to cautious investor sentiment and increased volatility.
Conclusion
The week for SBI Cards & Payment Services Ltd was marked by a complex interplay of increased derivatives market activity and deteriorating price performance. Despite intermittent gains midweek supported by a surge in open interest, the stock ultimately succumbed to selling pressure, closing the week 2.37% lower. Heavy put option activity and a downgrade to a Sell rating underscore the cautious stance adopted by market participants. While delivery volumes showed some signs of investor participation, the prevailing technical weakness and sectoral headwinds suggest that the stock faces near-term challenges. Investors and traders should monitor open interest trends, price action, and sector developments closely to assess whether the current bearish momentum persists or stabilises in the coming weeks.
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