Sensex Jewel: Reliance Industries Jumps 3.3%, Snaps 8-Day Losing Run

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Sensex Jewel: Reliance Industries Jumps 3.3%, Snaps 8-Day Losing Run
Credit: © Reuters.

By Malvika Gurung -- Among heavy movers on Dalal Street in Tuesday’s trade were the oil-to-telecom conglomerate Reliance Industries (NS: RELI ), which surged 3.35% in the session to hit an intraday high of Rs 2,274/share.

The market behemoth’s shares were seen falling relentlessly over the past eight sessions, with the stock hitting a fresh 52-week low on Monday, March 20. They have tumbled 8.93% in eight days.

However, India’s most valued firm’s stock witnessed an uptick in an enthusiastic market on Tuesday, with shares ending 3.11% higher at Rs 2,269.7 apiece.

RIL was the top gainer on the 30-scrip benchmark index Sensex and led the gains on Nifty50 , along with HDFC Life Insurance (NS: HDFL ).

Despite Reliance’s stock slumping over the past 8 sessions, global brokerages continued to reiterate their bullish stance on the mega-cap giant, seeing over 30-40% upsides.

Jefferies reiterated a Buy rating on RIL last week with a target price of Rs 3,100/share, while another leading brokerage CLSA did the same on Monday despite the stock hitting a new 52-week low in the same session.

CLSA reiterated its Buy tag on Reliance and set a target price at Rs 2,970/share, terming its current share prices a ‘bargain buy’.

Read More: CLSA Bullish on RIL, Sees Shares at ‘Bargain Buy’; Pegs 32% Upside

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