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A short build-up was seen in 55 stocks including LTIMindtree, HDFC Bank, ICICI Prudential Life Insurance Company, Max Financial Services Company, and IndiaMART InterMESH.
Stock splits enhance the liquidity of the company's equity shares and encourage the participation of retail investors by making equity shares of the company more affordable. The valuation of the stock doesnt change and the balance sheet doesn't get affected in this process.
Oracle Financial Services Software price surged 1.73%, and open interest saw an increase of 7.77%. Birlasoft stock rose 1.64%, and the open interest saw an increase of 3.61%.
The Q3FY24 numbers of several Indian IT firms were not as bad as analysts had feared, giving a boost to their stock prices and raising hopes that the worst may be behind for the IT sector.
Positive setup was seen in Infosys, OFSS, Coforge, ONGC, Birla Soft, HCL Tech, Persistent Systems, TCS, PNB, Tata Consumer, LTTS, Canara Bank, L&T, IOC, Bharti Airtel, Trent and IndusInd Bank. On the weekly options front, the maximum Call OI is placed at 22500 strikes and then towards 22300 strikes while the maximum Put OI is placed at 21700 strikes and then towards 21800 strikes.