Reliance Industries (RIL) was up 0.31% to Rs 1,574.60 after hitting a record high of Rs 1,581.25 in morning trade.RIL's current market capitalization (m-cap) stood at Rs 9.97 lakh crore. The counter briefly crossed the crucial milestone of Rs 10 lakh crore m-cap in the morning trade.
IT major Tata Consultancy Services (TCS) comes second in the line with a current market capitalization of Rs 7.82 lakh crore.
RIL rose 1.01% in two trading sessions to its current market price of Rs 1,575.35 from its recent closing low of Rs 1,558.85 on Tuesday, 26 November 2019.
Meanwhile, the S&P BSE Sensex was up 18 points or 0.04% to 41,038.96.
RIL recorded volume of 96,000 shares on BSE, a 5-times surge over two-week average daily volume of 4.89 lakh shares.
The stock hit an intraday high of Rs 1,581.25 in morning trade, which is also a record high for the counter. The stock hit a 52-week low of Rs 1,055.35 on 11 December 2018.
The stock had outperformed the market over the past one month, jumping 9.46% as compared with 4.51% rise in the Sensex. The scrip outperformed the market in past one quarter, soaring 23.11% as against Sensex's 8.98% gain. The scrip had also outperformed the market in past one year, surging 39.22% as against Sensex's 15.51% rally.
On the technical front, the stock's RSI (relative strength index) stood at 73.835. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 1,397.71 and its 200 DMA placed at Rs 1,313.86.
RIL's consolidated net profit rose 18.3% to Rs 11,262 crore on 3.6% rise in net sales to Rs 1,48,526 crore in Q2 September 2019 over Q2 September 2018.
Reliance Industries is engaged in refining, including manufacturing of refined petroleum products, and petrochemicals, including manufacturing of basic chemicals, fertilizers and nitrogen compounds, plastic and synthetic rubber in primary forms. The company's segments include refining, petrochemicals, oil and gas, organized retail and others.
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