In a notable market development, shares of Reliance Industries Limited witnessed significant demand on Wednesday, experiencing a nearly 4% increase in value. This surge propelled the company’s market valuation to once again surpass the historic milestone of ₹20 lakh crore. Here are the key details of this market movement:
Share Performance
Reliance Industries’ bellwether stock saw a substantial rise of 3.60% to settle at ₹2,987.85 per share on the BSE. During the trading session, it surged by 4% to ₹2,999.90. Similarly, on the NSE, the stock climbed by 3.48% to ₹2,983.75 per share.
Market Capitalisation
The market capitalisation (mcap) of Reliance Industries experienced a notable jump, increasing by Rs 70,039.26 crore to reach ₹20,21,486.59 crore, showcasing the investor confidence and demand for the company’s shares.
Trading Activity
Significant trading activity was observed, with 4.71 lakh shares of Reliance Industries being traded on the BSE and over 81.63 lakh shares on the NSE during the trading day, reflecting the high demand and investor participation.
Market Impact
The rally in Reliance Industries’ stock played a crucial role in driving the broader market indices higher. The 30-share BSE Sensex surged by 526.01 points or 0.73% to settle at 72,996.31, while the NSE Nifty rose by 118.95 points or 0.54% to 22,123.65.
Analyst Insights
Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, attributed the gains in the market to industry heavyweight Reliance Industries and other energy stocks, particularly influenced by the drop in crude oil prices.
Market Leadership
Reliance Industries, as of February 13 this year, became the first Indian company to achieve a market capitalisation of ₹20 lakh crore, solidifying its position as the most valued domestic firm. It is followed by Tata Consultancy Services, HDFC Bank, ICICI Bank, and Bharti Airtel in the top five order based on market valuation.
Yearly Performance
In terms of year-to-date performance, Reliance Industries’ shares have surged by 15.59%, reflecting positive investor sentiment and confidence in the company’s growth prospects.
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