Home » Private Sector » After 4 sessions, Reliance Industries stock is among the top Sensex gainers

Private Sector

After 4 sessions, Reliance Industries stock is among the top Sensex gainers

Reliance Industries stock

Reliance Industries stock is among the top Sensex gainers

Reliance Industries stock – In today’s broad-based market rise, shares of Reliance Industries Ltd (RIL) were among the top gainers, ending nearly 5% higher. On the BSE, RIL’s stock rose 5.81 percent intraday to Rs 2,366. After a four-day losing streak, the large-cap stock has risen. Later, it closed at Rs 2,353 on the BSE, up 5.24 percent. 
 
The RIL share price is above the 5 and 200 day moving averages, but below the 20 day, 50 day, and 100 day moving averages. 
 
In a year, the stock has increased by 7.52 percent. In one year, RIL’s stock has risen 7.52 percent and then fell 0.56 percent in 2022. 
 
On the BSE, a total of 4.31 lakh shares of the company changed hands, resulting in a turnover of Rs 99.64 crore. The conglomerate’s market capitalization increased to Rs 15.92 lakh crore. On October 19, 2021, the stock reached a 52-week high of Rs 2,750 and a 52-week low of Rs 1,877. 
 
“RIL is a net winner of higher sustained oil prices, especially in a situation where oil demand is rising and boosting refinery margins, with U.S. and Asian gas prices, which are inputs for its chemicals and utility usage trailing oil,” according to the financial services company.

Reliance Industries stock

While the recent oil price surge is also driven by supply concerns and raises refinery opex and crude premiums, negating some of the upside in product margins, it hits RIL’s refinery peers more than RIL and raises global margins, according to the analysis. 
 
“Since a result, RIL’s overall gross refining margin has increased year-to-date, particularly as global fuel refinery markets remain exceptionally tight.” 
 
Morgan Stanley rates RIL as ‘overweight,’ with a price objective of Rs 2,926 per share, representing a 25.8% upside potential. 
 
In today’s session, the Sensex rose 1223 points to 54,647, and the Nifty rose 331 points to 16,345. In the midst of the ongoing Russia-Ukraine war, the Indian market has closed in the green for the second straight day. 

Read more Private Sector News on India Frontline.