Steel Authority of India Ltd. Sees Significant Surge in Futures Market Open Interest
Steel Authority of India Ltd. (SAIL) has seen a significant rise in open interest, reaching 67,073 contracts, indicating increased activity in its futures market. The trading volume for the day was 34,501 contracts, with a market capitalization of Rs 47,604.30 crore, reflecting a dynamic trading environment.
Steel Authority of India Ltd. (SAIL) has experienced a notable increase in open interest today, reflecting heightened activity in its futures market. The latest open interest stands at 67,073 contracts, up from the previous figure of 60,049, marking a change of 7,024 contracts or an 11.7% increase. The trading volume for the day reached 34,501 contracts, contributing to a total futures value of approximately Rs 95,129.63 lakhs.In terms of price performance, SAIL has underperformed its sector by 0.66%, with the stock experiencing a decline after six consecutive days of gains. The stock touched an intraday low of Rs 114.3, representing a decrease of 2.51%. Despite this, the stock remains above its 5-day, 20-day, 50-day, and 100-day moving averages, although it is below the 200-day moving average.
Additionally, the delivery volume has seen a rise of 13% compared to the 5-day average, indicating increased trading activity. With a market capitalization of Rs 47,604.30 crore, SAIL continues to maintain a liquid trading environment, suitable for transactions of Rs 6.7 crore based on recent averages. Overall, the increase in open interest highlights a significant shift in market dynamics for Steel Authority of India Ltd.
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