On Thursday, Reliance Industries (RIL) achieved a milestone as its market capitalization surged past Rs 18 lakh crore, propelled by the stock reaching a record high. The RIL stock witnessed a 2.5% jump, surpassing the Rs 2,700 mark and propelling the company's market capitalization to Rs 18.36 lakh crore.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, noted that Nifty exhibited sideways trading, concluding marginally positive at 21,647 levels. This came ahead of the release of US inflation data and the commencement of the Q3FY24 earnings season on Thursday.
The top gainers among sectors on Thursday were oil and gas, consumer durables, auto, and PSU banks. Notably, cement stocks experienced renewed buying interest in anticipation of increased demand leading up to the general elections.
The Information Technology (IT) sector is anticipated to be in the spotlight on Friday as investors respond to the Q3 results of TCS and Infosys. According to Khemka, the management commentary and guidance provided by these companies will offer valuable insights into the sector's future outlook.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, observed that after a sustained upside from the lows on Wednesday, Nifty entered a consolidation phase with a positive bias on Thursday. The market, despite showing initial strength, exhibited gradual weakness during a range-bound movement for a significant part of the session. Intraday buying emerged during the weaker phase in the mid to later part of the session.
(With Agency Inputs)
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