Reliance Industries stock among top Sensex gainers, rises after four sessions

Shares of Reliance Industries Ltd (RIL) were among the top gainers today, ending over 5 per cent higher amid the broad-based market rally. RIL share climbed 5.81 per cent intraday to Rs 2,366 on BSE. The large cap stock has gained after four days of consecutive fall. Later, it ended 5.24 per cent higher at Rs 2,353  on BSE.

RIL share stands higher than 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages.

The stock has gained 7.52 per cent in one year. RIL share has climbed 7.52 per cent in one year and fallen 0.56 per cent in 2022.

Total 4.31 lakh shares of the firm changed hands amounting to turnover of Rs 99.64 crore on BSE. Market cap of the conglomerate rose to Rs 15.92 lakh crore. The share hit 52 week high of Rs 2,750 on October 19, 2021 and 52 week low of Rs 1,877 on April 22, 2021.

Also read: RIL shares slip 2% on takeover of Future Retail stores

Recently, Morgan Stanley said RIL would benefit from the recent spike in crude oil prices.

"RIL is a net beneficiary of higher sustained oil prices, especially in an environment when oil demand is rising and supporting refinery margins and the U.S. and Asian gas prices, which are input for its chemicals and utility usage underperforming oil," the financial services provider said.

While the current spike in oil is also driven by supply worries and does raise refinery opex and crude premiums negate some of the upside in product margins, overall it hurts its refinery peers, especially in Europe, more than RIL and raises global margins," the report said.

"Hence, overall RIL's gross refining margin rises as seen year-to-date, especially as global fuel refinery markets remain extremely tight."

Also read: RIL subsidiary, Sanmina enter JV to boost manufacturing in India

Morgan Stanley has an 'overweight' stance on RIL with a price target of Rs 2,926 apiece, implying an upside potential of 25.8 per cent.

Meanwhile, Sensex ended 1223 points higher at 54,647 and Nifty gained 331 points to 16,345 in today's session. This is the second straight session the Indian market has ended in the green amid the ongoing Russia-Ukraine conflict.

Asian Paints, Reliance Industries, Bajaj Finance and IndusInd Bank were the top Sensex gainers, rising up to 5.56 per cent. Power Grid, NTPC, Tata Steel and Nestle India were the only losers, declining up to 1.89 per cent.