Reliance Industries shares stand tall amid the deep selling frenzy
Despite a bout of late selling which knocked the country’s blue-chip stock indexes off four-week highs and into negative territory on Friday, Reliance Industries shares helped limit the decline.
On the BSE, Reliance Industries Ltd’s (RIL) stock closed over 2 per cent higher at Rs 2,779 per share on Friday. The RIL’s market capitalisation stands at nearly Rs 19 lakh crore, making it India’s most valuable company on valuation.
As has been the case over the past few months, the company’s stock has at times limited the broader market decline, standing tall amid the deep selling frenzy, sometimes across the length and breadth of domestic indices.
The NSE Nifty 50 index closed 0.26 per cent lower at 16,584.3, while the S&P BSE Sensex slipped 0.09 per cent to 55,769.23. The indexes still clocked their third straight week of advances with gains of around 1.5 per cent each.
Earlier in the session, both the Nifty and the Sensex had risen as much as 1 per cent as Reliance Industries hovered just shy of record highs and IT stocks tried to stage a recovery after eight straight weeks of losses.
The Nifty IT index gave up some gains to close 0.37 per cent higher and notched a weekly rise of around 4.4 per cent. The index has dropped 22.7 per cent so far this year amid losses in global peers on concerns over valuations and attrition.
Still, shares of Reliance Industries – India’s most valuable company – climbed over 2 per cent and were among the biggest boosts to the indexes.