RIL zooms 3%; investors richer by Rs 9,000 cr in a day

Reliance Industries Ltd on Monday shot up by about 3 per cent on the BSE, making its shareholders wealthier by a whopping Rs 9,000 crore in just one day.

Marketmen said buying at lower levels, coupled with firm investor sentiment, helped the scrip register a smart gain on Dalal Street. RIL has been underperforming in recent times.

After a positive start on the Bombay Stock Exchange, shares of the country's most valued corporate were on the ascent for most of the day and jumped by 3.44 per cent to hit an intra-day high of Rs 957.45.

The scrip later closed at Rs 953.20, higher by 2.98 per cent. In the previous session, RIL had lost 1.23 per cent.

"Bargain hunting helped RIL to bounce back. That fuelled a rally in the broader market," CNI Research CMD Kishor Ostwal said.

With an increase of 3 per cent in RIL shares, the market capitalisation of the Mukesh Ambani-led energy giant increased to nearly Rs 3,11,764 crore, making its investors wealthier by about Rs 9,027 crore.

At the end of Friday's trade, the market value of RIL was about Rs 3,02,737 crore.

The smart gain on the RIL counter also helped the broader market benchmark Sensex record a net gain of 338.62 points.

The BSE Sensex ended at 18,560, its best close since February 5, 2008. RIL holds the maximum weight in the Sensex.

"Positive sentiment from the overseas markets helped the local indices to hit the fresh high in about 31 months," he further said.

The advance in RIL shares also helped the BSE Oil and Gas index to emerge as the fourth biggest performer of the day.

The index ended at 10,178.23, up 196.48 points.