The Indian stock market surged today gaining over 1200 points in a single session, and one of the primary driving forced behind it was the stock of Mukesh Ambani-led Reliance Industries Limited, touching record high levels.
Reliance Industries share prices on Monday touched their all-time high while approaching market close, gaining by over 7 percent. Reliance, which is currently India’s most valued stock, saw a massive increase in its market cap on January 29.
Reliance shares touched their all time high at ₹2,905 on BSE today, closing at ₹2,890 at 3:30 pm. With the massive spike in shares, the market cap of Reliance jumped by ₹1.2 lakh crore in a single session, touching ₹19.6 lakh crore.
This spike in stock saw the biggest rally in Reliance Industries in the last three years. In January 2024, RIL shares have seen a spike of 12 percent, while the stock has risen by 9 percent in the last three trading sessions.
The sharp rally in the heavyweight stock also fueled a rally in the equity market. The 30-share BSE Sensex jumped 1,240.90 points or 1.76 per cent to settle at 71,941.57, and the Nifty climbed 385 points or 1.80 per cent to 21,737.60.
Reliance was one of the prime reasons behind the recovery of the Indian stock market today, which saw two significant crashes earlier this month, dropping by over 1000 points each time.
Mukesh Ambani told the shareholders during the Reliance AMG 2022 that the market value of RIL will double by the end of 2027, as compared to 2017. This ignited hopes in investors that both Reliance Jio and Reliance Retail will soon be listed.
Read more: Sensex up over 1200 points, closes at 71,941; Nifty at 21,740 points
Stocks that drove stock market gains
BSE Sensex and NSE Nifty both saw a significant spike on Monday, closing over 1200 and 380 points higher than the previous market session. These gains were triggered not only ONGC and Reliance, the two top gainers of the day.
ONCE stock saw a surge of nearly 8 percent, while Reliance rose by 7 percent on Monday. Other top gainers of the day were Coal India, Adani Enterprises and Adani Ports. Both BSE Sensex and NSE Nifty rose by nearly 2 percent each today.
Further, investors in the stock market saw their wealth increase by ₹6 lakh crore today, out of which ₹1.2 lakh crore was owed only to Reliance. The market capitalisation of BSE-listed firms jumped ₹6,08,556.11 crore to ₹3,77,20,679.19 crore on Monday.