SBI Cards Sees 17.66% Surge in Open Interest Amid Increased Trading Activity

SBI Cards & Payment Services Ltd (SBICARD), a prominent player in the Non-Banking Financial Company (NBFC) sector, has experienced a significant increase in open interest today. The latest open interest stands at 49,265 contracts, reflecting a rise of 7,396 contracts or 17.66% from the previous open interest of 41,869. This surge coincides with a trading volume of 77,576 contracts, indicating heightened activity in the derivatives market.
Despite this uptick in open interest, the stock has underperformed its sector, showing a decline of 1.30% today, compared to a sector return of -0.35%. Over the past three days, SBICARD has faced consecutive losses, with a total drop of 2.23%. The stock reached an intraday low of Rs 890.75, marking a decrease of 4.08% during the trading session.

In terms of moving averages, SBICARD is currently above its 20-day, 50-day, 100-day, and 200-day moving averages, yet it remains below its 5-day moving average. Notably, the delivery volume on October 23 has surged by 130.19% compared to the 5-day average, suggesting increased participation in the stock. With a market capitalization of Rs 87,209.33 crore, SBI Cards continues to be a significant entity in the mid-cap segment of the market.