Steel Authority of India Ltd. Sees 17.47% Surge in Open Interest to 77,326 Contracts

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 77,326 contracts, marking a rise of 11,500 contracts or 17.47% from the previous open interest of 65,826. This uptick in open interest comes alongside a trading volume of 48,739 contracts, indicating active participation in the market.
In terms of price performance, SAIL has shown resilience, with a 1-day return of 0.20%, slightly outperforming the sector's return of 0.17%. The stock is currently trading above its 50-day and 200-day moving averages, although it remains below the 5-day, 20-day, and 100-day moving averages. Notably, the delivery volume on October 23 has decreased by 20.9% compared to the 5-day average, reflecting a decline in investor participation.

With a market capitalization of Rs 53,531.61 crore, SAIL continues to maintain a liquid trading environment, suitable for transactions up to Rs 2.68 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.