Shares of Steel Authority of India Ltd (SAIL) jumped up to 4% to hit a high of Rs 210 on the BSE on Thursday, extending their rally for a second straight session and gaining 19% over the period.
Analysts attributed the sharp rally in Steel Authority of India largely to a short squeeze triggered by heavily crowded bearish positions in the derivatives market. In the previous session, the stock witnessed unusually high trading activity as traders rushed to cover short positions amid rising prices and mounting margin pressure.
