Surge in Syngene International Ltd. Put Options: 1,425 Contracts at Rs 600 Strike

Syngene International Ltd, a prominent player in the Pharmaceuticals & Drugs sector, has emerged as one of the most active stocks in the options market today, particularly in put options. The company’s underlying stock, SYNGENE, has seen significant activity with 1,425 put contracts traded, reflecting a turnover of approximately Rs 132.99 lakhs. The puts have a strike price of Rs 600 and are set to expire on May 29, 2025, with an open interest of 442 contracts.
Today, Syngene's stock has underperformed the sector by 9.29%, opening with a notable gap down of 7.76%. The stock reached an intraday low of Rs 674.25, marking a decline of 10%. The weighted average price indicates that more volume was traded closer to this low price, suggesting a bearish sentiment among traders. Additionally, Syngene is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a downward trend.

Despite a rise in delivery volume of 2.78 lakhs, which is up 11.31% from the 5-day average, the stock's liquidity remains adequate for trades around Rs 0.52 crore. The one-day return stands at -8.82%, contrasting with a sector return of 0.55% and a Sensex return of -0.23%. Overall, the activity in Syngene's put options reflects the current market dynamics and investor behavior surrounding the stock.