In Tuesday's trading session, Reliance Industries Ltd. (RIL) became the first Indian firm to surpass Rs 20 lakh in market capitalization.
The NSE Nifty increased by 127 points to 21,743.25, while the benchmark Sensex gained 0.68 percent, or 483 points, to 71,555.19. The RIL shares closed at Rs 2,928.95, having risen to its 52-week high of Rs 2,958. At the close, RIL's market capitalization was Rs 19.81 lakh crore. The total market value of a company's listed shares is known as its market capitalization.
The Nifty recovered from Monday's losses after India's Consumer Price Index (CPI) inflation hit a three-month low of 5.10 percent. All sectors except metals concluded in green. The biggest winners were in the finance and banking sectors. Public sector undertakings (PSU) shares increased following recent sessions of profit booking.
Reliance achieves yet another milestone!
Our market capitalization has crossed Rs 20 lakh crore.
With this milestone, we continue to top the list of India’s most valuable companies.
Take a look at our value creation journey over the years!#Reliance #RIL #GrowthisLife… pic.twitter.com/G9XRBsLE3n— Reliance Industries Limited (@RIL_Updates) February 14, 2024
Reliance Industry's M-cap
The surge was driven by notable backing from RIL, a heavyweight, which propelled the index higher. The rise was bolstered by positive global market trade, according to Om Mehra, Technical Analyst at SAMCO Securities.
On Tuesday, the MSCI Global Standard Index underwent a quarterly restructure that may result in inflows of around $1 billion from funds held by passive foreign institutional investors (FIIs). According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial, "many stocks like NMDC, GMR Airports, Union Bank, BHEL, and Punjab National Bank were in focus post-MSCI review."
While markets finished the week on a positive note, Prashanth Tapse, Senior Vice-President (Research), Mehta Equities Ltd., notes that this was mostly because banking stocks had recovered after suffering heavy losses in the previous sessions as a result of inconsistent earnings in the financial sector and central banks deferring rate cuts.
"Volatility is likely to persist as most of the obstacles, including stretched local stock valuations and FII selling, along with geopolitical concerns, will continue to keep investors at bay," he stated.
Image Source: Reuters
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