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RIL, SBI shares rally up to 3.5% on heavy volumes as heavyweights lead charge
Reliance Industries and SBI shares gained up to 3.5% on Thursday amid heavy trading activity, with over 41.65 million shares worth Rs 4,294 crore changing hands across exchanges. Both stocks outperformed the broader market, while SBI continued to trade at a lower valuation than RIL and the Nifty50.
Market wrap: Reliance Industries, SBI, Power Grid among top gainers and losers on Nifty and Sensex on Thursday
Indian benchmark indices ended mixed as the closing auction session continued distorting market moves. Sensex climbed 374 points while Nifty gained just 11 points. Reliance Industries and SBI led gains, with analysts identifying 24,600 as Nifty’s key support and 24,800 as resistance.
Stocks to buy: Nagaraj Shetti recommends Jamna Auto, Hindustan Copper shares to buy in the short-term
Indian benchmarks Sensex and Nifty 50 opened higher on August 6, driven by falling crude oil prices and Reliance Industries' gains. The RBI maintained the repo rate at 5.25%, supporting investor sentiment amidst mixed global markets and net selling by FIIs.
Bharti Airtel stock lacks near-term triggers and even raising stake in Africa biz won’t help much
Apart from tariff hike, a higher-than-expected IPO valuation for Reliance Industries’ telecom business Jio Platforms, can act as a re-rating catalyst for the Bharti Airtel stock.