Shares of Reliance Industries Ltd (RIL) have lost over 7 percent in a month amid high volatility in the market. The stock, which closed at Rs 2,568 on September 9 was trading at Rs 2,377 today, implying a decline of 7.43 per cent during the period. In comparison, Sensex tumbled 3.58 per cent in a month. RIL stock fell 1.18 per cent to Rs 2377 in noon trade against the previous close of Rs 2405.75 on BSE.
Shares of RIL stand lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. RIL stock has lost 10.07 per cent in one year and risen 0.67 per cent since the beginning of this year.
ALSO READ: Reliance Ind vs OMC stocks: Here’s what brokerages say
Total 39.29 lakh shares of the firm changed hands amounting to a turnover of Rs 945.11 crore on BSE today. Market cap of the conglomerate fell to Rs 16.10 lakh crore. The share hit a 52-week high of Rs 2,855 on April 29, 2022 and a 52-week low of Rs 2,181 on March 8, 2022.
In a move that can lead to recovery in the stock, the Mukesh Ambani-led conglomerate is likely to raise up to $1.5 billion via foreign loans. Its telecom arm Reliance Jio is also in talks with lenders to raise up to $2.5 billion through foreign loans, according to reports.
ALSO READ: Jio 5G will rollout across all cities and villages by December 2023, says Mukesh Ambani
Meanwhile, Morgan Stanley has an overweight stance on RIL stock with a target of Rs 3,085. The earnings upgrade cycle is taking shape with the new investment cycle, the US-based financial services company said in a note. The supply side challenges should keep the refining margins high, the firm said. Consumer retail is seeing good traction on store additions, the note added.
Pavitraa Shetty from Tips2trades said, “Weak global sentiment due to rising inflation across the globe due to the ongoing Russia-Ukraine conflict has led to a sharp downturn in all stocks including index heavyweight Reliance industries. Currently, Reliance Industries has a strong support at Rs 2,330 with immediate support at Rs 2,370 but needs to close above resistance of Rs 2,460 on daily charts to move up to targets of Rs 2,545- Rs 2620 in the near term.”