Sun Pharmaceutical Industries Sees 32.68% Surge in Open Interest Amid Price Decline
Sun Pharmaceutical Industries Ltd has seen a significant rise in open interest in the derivatives market, reaching 101,225 contracts. Despite the stock hitting a new 52-week low and underperforming its sector, delivery volume increased notably, indicating a potential shift in trading dynamics amid evolving market sentiment.
Sun Pharmaceutical Industries Ltd (symbol: SUNPHARMA) has experienced a significant increase in open interest today, reflecting notable activity in the derivatives market. The latest open interest stands at 101,225 contracts, a substantial rise from the previous open interest of 76,290 contracts, marking a change of 24,935 contracts or 32.68%. The trading volume for the day reached 143,073 contracts, indicating robust participation in the stock.In terms of price performance, Sun Pharma hit a new 52-week low of Rs 1,548, down 4.88% from the previous close. The stock opened with a loss of 2.61% and underperformed its sector by 0.44%. It is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a bearish trend in the short to medium term.
Despite the decline, there has been a notable increase in delivery volume, which rose by 53.84% compared to the 5-day average, indicating a potential shift in trading dynamics. The liquidity remains adequate for trades sized at Rs 7.59 crore, based on 2% of the 5-day average traded value. Overall, the increase in open interest amidst a challenging price environment highlights the evolving market sentiment surrounding Sun Pharmaceutical Industries.
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