Tata Steel Sees Significant Open Interest Surge Amid Strong Market Activity
Tata Steel Ltd has seen a notable rise in open interest, reaching 92,327 contracts, alongside a trading volume of 121,591 contracts, indicating strong market activity. The stock has outperformed its sector and shows increased liquidity, reinforcing its robust position in the steel industry.
Tata Steel Ltd, a prominent player in the Steel/Sponge Iron/Pig Iron industry, has experienced a significant increase in open interest today. The latest open interest stands at 92,327 contracts, reflecting a rise of 9,245 contracts or 11.13% from the previous open interest of 83,082. This surge in open interest coincides with a trading volume of 121,591 contracts, indicating robust market activity.In terms of price performance, Tata Steel has outperformed its sector by 1.97%, reaching an intraday high of Rs 157.15, which marks a 5.17% increase for the day. The stock is currently trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, suggesting a strong upward trend in its price trajectory.
The steel sector overall has gained 2.39%, while Tata Steel's 1-day return is reported at 4.43%, significantly higher than the Sensex's 0.61% return. Additionally, the stock has shown increased liquidity, with a delivery volume of 2.33 crore on May 13, up 55.1% compared to the 5-day average delivery volume.
In summary, Tata Steel's notable increase in open interest and strong price performance highlights its active market presence and solidifies its position within the steel industry.
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