Steel Authority of India Sees Significant Open Interest Surge Amid Increased Trading Activity
Steel Authority of India Ltd. (SAIL) has seen a notable rise in open interest, reaching 51,009 contracts, alongside a trading volume of 28,135 contracts. Despite this increase, SAIL has underperformed its sector. The stock is currently trading above several moving averages, with significant investor participation reflected in delivery volumes.
Steel Authority of India Ltd. (SAIL), a prominent player in the ferrous metals industry, has experienced a significant increase in open interest today. The latest open interest stands at 51,009 contracts, reflecting a rise of 4,723 contracts or 10.2% from the previous open interest of 46,286. This uptick in open interest comes alongside a trading volume of 28,135 contracts, indicating heightened activity in the stock.In terms of market performance, SAIL has underperformed its sector, with a 1D return of -1.85%, compared to a sector return of 1.07% and a Sensex return of 0.80%. The stock's current price is noted at an underlying value of 128, and it is trading above its 5-day, 50-day, 100-day, and 200-day moving averages, although it remains below the 20-day moving average.
Additionally, the stock has shown rising investor participation, with a delivery volume of 73.33 lakh on June 24, marking a substantial increase of 95.37% against the 5-day average delivery volume. With a market capitalization of Rs 53,002.90 crore, SAIL continues to maintain a liquid trading environment, suitable for transactions of Rs 3.28 crore based on 2% of the 5-day average traded value. Overall, the notable increase in open interest highlights a shift in market dynamics for Steel Authority of India Ltd.
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