Tata Steel Sees Surge in Open Interest Amidst Mixed Stock Performance
Tata Steel Ltd has seen a notable rise in open interest, reaching 62,749 contracts, alongside a trading volume of 59,068 contracts. Despite this increased trading activity, the stock has underperformed its sector and experienced consecutive declines. Delivery volume has surged significantly, indicating heightened investor participation.
Tata Steel Ltd, a prominent player in the Ferrous Metals industry, has experienced a significant increase in open interest today, reflecting heightened trading activity. The latest open interest stands at 62,749 contracts, up from the previous figure of 55,439, marking a change of 7,310 contracts or a 13.19% increase. The trading volume for the day reached 59,068 contracts, contributing to a total futures value of approximately Rs 64,980.87 lakhs.Despite this surge in open interest, Tata Steel's stock performance has been underwhelming, underperforming its sector by 0.4%. The stock has faced consecutive declines over the past two days, with a total drop of 2.65%. Today, it touched an intraday low of Rs 157.3, reflecting a decrease of 2.31% from the previous close.
In terms of moving averages, Tata Steel's stock is currently above the 20-day, 50-day, 100-day, and 200-day moving averages, yet it remains below the 5-day moving average. Notably, the delivery volume has surged to 2.07 crore, a 97.46% increase compared to the 5-day average, indicating rising investor participation. With a market capitalization of Rs 1,98,175.99 crore, Tata Steel continues to maintain a liquid trading environment, suitable for transactions of Rs 8.2 crore based on recent trading metrics. Overall, the notable increase in open interest highlights a shift in market dynamics for Tata Steel.
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