SBI Cards Sees Surge in Open Interest Amidst Ongoing Stock Performance Challenges
SBI Cards & Payment Services Ltd has seen a significant rise in open interest, reaching 36,728 contracts, alongside a trading volume of 18,589. Despite this increase, the stock has underperformed, declining over the past three days and facing a notable drop today, while maintaining substantial market capitalization.
SBI Cards & Payment Services Ltd, a prominent player in the Non-Banking Financial Company (NBFC) sector, has experienced a notable increase in open interest today. The latest open interest stands at 36,728 contracts, reflecting a rise of 4,666 contracts or 14.55% from the previous open interest of 32,062. This surge coincides with a trading volume of 18,589, indicating heightened activity in the derivatives market.Despite this uptick in open interest, the stock has underperformed its sector, declining by 2.40% today, while the sector itself saw a smaller drop of 0.63%. Over the past three days, SBI Cards has faced consecutive losses, accumulating a total decline of 8.3%. The stock reached an intraday low of Rs 906.8, down 2.68% from the previous close.
In terms of liquidity, the stock remains accessible for trading, with a delivery volume of 11.67 lakh shares on July 1, although this represents a significant decrease of 33.51% compared to the five-day average. Currently, SBI Cards holds a market capitalization of Rs 86,536.69 crore, positioning it firmly within the large-cap category. Overall, the increase in open interest highlights a shift in market dynamics, even as the stock grapples with recent performance challenges.
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