Mumbai | September 25, 2025 (09:20 IST) — Futures and options data on Thursday signaled fresh open interest (OI) build-up across a diverse set of stocks, alongside a notable jump in index futures positions. The pattern points to traders setting up positions in anticipation of expiry-week volatility.
Stock-Wise Spurts in OI
According to NSE F&O data, the biggest open interest additions were seen in:
- Polycab: OI +4,636 contracts (+17.49%), Futures value ₹46,099.83 lakh
- Torrent Pharma: OI +2,078 contracts (+15.41%), Futures value ₹21,351.14 lakh
- SBILIFE: OI +2,851 contracts (+9.22%), Futures value ₹20,955.95 lakh
- Larsen & Toubro (LT): OI +13,477 contracts (+9.11%), Futures value ₹90,727.53 lakh
- Lupin: OI +3,444 contracts (+8.95%), Futures value ₹12,512.34 lakh
- Varun Beverages (VBL): OI +5,194 contracts (+7.73%), Futures value ₹28,235.22 lakh
- Asian Paints: OI +5,533 contracts (+6.27%), Futures value ₹54,581.27 lakh
On the index side, NIFTY futures OI rose by 5,50,767 contracts (+10.02%), with a futures value of ₹1,64,603.03 lakh.
Reading the Signals
- Price ↑ + OI ↑: Often indicates fresh long positions being created.
- Price ↓ + OI ↑: Points to short build-up, signaling caution.
Thursday’s data showed alignment with bullish undertones in names like Polycab, Torrent Pharma and SBILIFE, where rising OI was supported by firm prices.
In contrast, select counters like Asian Paints and Lupin saw mixed price moves, suggesting a balance of long and short activity.
Sectoral Spread
The OI build-up was broadly diversified, spanning:
- Cables/Power (Polycab)
- Pharma (Torrent, Lupin)
- Insurance (SBILIFE)
- Infrastructure (LT)
- Consumer Staples (VBL)
- Paints/Discretionary (Asian Paints)
This indicates that traders are positioning across multiple sectors rather than focusing narrowly on one theme.
By the Numbers (as of 09:20 IST)
Market Takeaway
The broad-based spurt in OI across sectors, combined with the 10% jump in NIFTY futures OI, suggests traders are bracing for expiry-driven volatility. The direction of the index into the September 30 expiry may hinge on whether these positions resolve into sustained longs or heavier short build-ups in the coming sessions.
