Reliance Industries share was the top Sensex gainer today after Kotak Institutional Equities said correction in the stock of Mukesh Ambani led firm was an excellent buying opportunity. Share price of Reliance Industries rose up to 5.86% to Rs 1,178.40 against the previous close of Rs 1,113.15 on BSE.
Reliance Industries share opened flat today. The stock was trading 4.8% away from 52-week low of Rs 1,094.95
Share of Reliance Industries was trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The Mukesh Ambani-led firm was still at the second position in terms of market cap after TCS pipped the conglomerate to acquire the top slot on March 9. Market cap of the RIL stood at Rs 7.31 lakh crore compared to TCS' market cap of Rs 7.37 lakh crore.
The brokerage gave a target price of Rs 1,850 per share for RIL.
Reliance Industries stock has lost 11.16% during the last one year and fallen 23% since the beginning of this year.
The stock has tumbled 20.43% in the last one month.
On Monday, the stock crumbled 12.35% or 157 points to close at Rs 1,113 on BSE. On December 20 last year, the stock had hit its 52-week high of Rs 1,617 on BSE. It has lost 27% since then.
By Aseem Thapliyal