Reliance Becomes First Indian Company To Hit Rs 20 Lakh Crore Market-Cap
It Was During The Trading Session On Tuesday That Reliance Industries Ltd (RIL) Became The First Indian Company To Cross The Rs 20 Lakh Market Capitalization Threshold.
The NSE Nifty Increased By 127 Points To 21,743.25, While The Benchmark Sensex Gained 0.68 Percent, Or 483 Points, To 71,555.19. The RIL Shares Closed At Rs 2,928.95, Having Risen To Its 52-Week High Of Rs 2,958. At The Close, RIL’s Market Capitalization Was Rs 19.81 Lakh Crore. The Total Market Value Of A Company’s Listed Shares Is Known As Its Market Capitalization. Following A Three-Month Low Of 5.10 Percent For India’s Consumer Price Index (CPI) Inflation, Nifty Recovered From Monday’s Losses. With The Exception Of Metals, Every Sector Saw A Positive Close. The Leading Gainers Were Banking And Financial Services. Public Sector Undertakings’ (PSU) Shares Increased Following Recent Sessions Of Profit Booking.
The Index Was Propelled By The Rally, Which Was Sparked By Noteworthy Backing From Heavyweight RIL. Positive Global Market Activity Contributed To The Rally’s Strength, According To Om Mehra, SAMCO Securities’ Technical Analyst.
On Tuesday, The MSCI Global Standard Index Underwent A Quarterly Restructuring That May Result In Inflows Of Around $1 Billion From Funds Held By Passive Foreign Institutional Investors (Fiis). According To Siddhartha Khemka, Head Of Retail Research At Motilal Oswal Financial, “Many Stocks Like NMDC, GMR Airports, Union Bank, BHEL, And Punjab National Bank Were In Focus Post-MSCI Review.”
While Markets Finished The Week On A Positive Note, Prashanth Tapse, Senior Vice-President (Research), Mehta Equities Ltd., Notes That This Was Mostly Because Banking Stocks Had Recovered After Suffering Heavy Losses In The Previous Sessions As A Result Of Inconsistent Earnings In The Financial Sector And Central Banks Deferring Rate Cuts.
He Stated That “Volatility Is Likely To Persist” Since Most Of The Obstacles, Including Geopolitical Concerns, Stretched Local Market Valuations, And FII Selling, Will Keep Investors At Away.
Source : By The Indian Express via Dailyhunt