Share price of Reliance Industries Ltd (RIL) on Friday scaled the Rs 2,100 mark amid broader indices trading in the red. The surge in the market heavyweight came amid report that Amazon.com Inc was in talks to buy a 9.9% stake in Reliance Retail. RIL share rose to an all-time high of Rs 2162.8, a gain of 4.96% from previous close of Rs 2,060 on BSE.
Later, the share closed 4.15% or Rs 85 higher at Rs 2,146 on BSE. Market cap of RIL at the end of session stood at Rs 13.60 lakh crore.
Yesterday, RIL became the first Indian firm to scale the Rs 13 lakh crore market capitalisation mark. Share price of RIL rose 3.73% to an all-time high Rs 2078.9 against previous close of Rs 2,004 in the previous session.
The firm achieved the feat of gaining market cap of Rs 1 lakh crore in just 8 trading sessions. On July 13, RIL became the first Indian firm to cross the market capitalisation of Rs 12 lakh crore after its stock climbed to fresh high of Rs 1,947.
Vinay Rajani, Technical Research Analyst at HDFC Securities said," Stock has gone up 1.5 times from the March 2020 bottom of Rs 864 to recent high of Rs 2149. The contribution of Reliance in the index has remained significant due to its stellar rally and high weight in the Nifty. This is the fourth consecutive month of rise in the price.
Reliance Industries has contributed around 25% of the Nifty rally, which started from March 2020.
Stock is in continuation of an uptrend. If we were to see the medium term resistance, then It is seen somewhere at Rs 2300 for the Reliance Industries. Support for the same is seen at Rs 1,800."
The large cap share has gained 147.71% from its 52-week low of Rs 867.82 reached on March 23 this year. On July 22, the stock of the firm hit the historic mark of Rs 2,000 for the first time. Meanwhile, Sensex traded 190 points lower at 37,949 and Nifty fell 65 points lower to 11,149 in early trade amid weak global cues.
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