In a significant turn of events, Reliance share price surged over 1.5% during Monday’s trading session, marking the largest single-day gain since October 8. Today is crucial as it serves as the reliance bonus record date for the company’s much-anticipated bonus shares.
Reliance Industries Share Price Surges Amid Market Rebound
Starting today, Reliance Industries share is trading ex-bonus, following the company’s announcement of a reliance share split of 1:1 prior to its Annual General Meeting (AGM). This means that shareholders who owned reliance shares before today will receive one additional share for every share they currently hold. The reliance industries share price is currently trading at ₹1,349, representing a notable recovery after significant declines in recent weeks.
Market Context: A Look Back at Recent Performance
The recent rise in ril share price comes as a breath of fresh air for investors, especially considering the broader market context. Since September 27, the day the Nifty hit a record high of 26,277, BSE-listed companies have collectively lost a staggering ₹41 lakh crore in market capitalisation. During this downturn, reliance stock saw its share price tumble nearly 13%, wiping off ₹2.77 lakh crore in value.
Despite these challenges, the reliance share price today is now playing a vital role in the Nifty’s rebound, contributing almost 20 points to the index’s upside after five consecutive days of losses. Notably, the stock had approached “oversold” territory, with the Relative Strength Index (RSI) plummeting to 29.5—indicating that it was primed for a rebound.
Analyst Insights: What Experts Say About Reliance Share Price
Among 38 analysts covering reliance industries, 30 have issued a buy recommendation on reliance shares, while five suggest a hold position and three advocate for a sell. This mixed sentiment showcases the varying perspectives on why reliance share is falling and the potential for recovery.
In conclusion, the recovery of the reliance share today not only indicates positive sentiment but also serves as a glimmer of hope for investors amid recent market volatility. As the company prepares to credit reliance bonus shares, many will be keeping a close eye on when will reliance bonus shares be credited and how this will impact the stock’s trajectory moving forward.
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