Here’s Why Reliance Industries Hit All-Time High, Hits M-Cap of Rs 19.59 Lakh Crore
by Sandip Das on 29 January 2024, 5 min read
The Indian stock market rallied on January 29, 2024. At close, Sensex surged 1240 points at 71941 while Nifty closed at 21737, up 385 points.
Around 1545 stock advanced and 1042 declined while 92 remained unchanged.
Among sectors, the oil & gas index zoomed 5 percent while the Power index added 3 percent. The Capital Goods index gained 2 percent.
Top Nifty50 Gainers
| Company Name | Last Traded Price (Rs) | % Change |
| ONGC | 254.85 | 8.89 |
| Reliance Industries | 2890.1 | 6.80 |
| Coal India | 413.55 | 6.20 |
| Adani Enterprises | 3061 | 5.79 |
| Adani Ports | 1194.4 | 4.20 |
Top Nifty50 Losers
| Company Name | Last Traded Price (Rs) | % Change |
| Cipla | 1341.55 | -2.05 |
| ITC | 448.7 | -1.53 |
| Infosys | 1651.05 | -1.08 |
| LTI Mindtree | 5452 | -0.78 |
| Bajaj Auto | 7565 | -0.43 |
Asian markets end higher
- Nikkei: up 0.77%
- Hang Seng: 0.78%
- Kospi: 0.88%
Also read: Mishra Dhatu Nigam, Karur Vysya Bank Top 2 Stocks Which Can Fetch Up to 17% Return
European markets trade mixed
- FTSE: up 0.13%
- CAC: 0.05%
- DAX: 0.48%
Stocks in the news:
Reliance Industries: up 6.8%
The share price of heavyweight Reliance Industries jumped over 6 percent hitting an all-time high intraday on January 29. After Bloomberg reported a substantial erosion in valuation for Walt Disney’s India unit ahead of its proposed merger with Mukesh Ambani’s media business, the RIL stock experienced gains. Following negotiations, the valuation of Disney’s India assets is currently estimated at around $4.5 billion, significantly lower than its initial demand of $10 billion, as mentioned in the report. The combined entity is targeting an $11 billion valuation, with Disney holding a 40 percent stake in the venture. At close, Reliance Industries’ market cap was Rs 19,59,444.03 crore.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions. Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
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