Shares of Mukesh Ambani-led conglomerate Reliance Industries Ltd (RIL) hit a fresh 52-week low today amid market crash. RIL stock hit a new low of Rs 2275, down 2.06% against the previous close of Rs 2323.15 on BSE today. RIL stock has lost 3.86 per cent in one year and fallen 9.51 per cent since the beginning of this year. Total 3.31 lakh shares of the firm changed hands amounting to a turnover of Rs 76.36 crore on BSE today.
Market cap of the conglomerate fell to Rs 15.48 lakh crore. The share hit an all-time high of Rs 2,855 on April 29, 2022. Later, the stock ended 1.65% lower at Rs 2284 on BSE.
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In terms of technicals, the relative strength index (RSI) of RIL stock stands at 41.5, signaling it’s neither trading in the overbought nor in the oversold zone. The stock has a beta of 1.1, indicating high volatility in a year. RIL shares are trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The RIL stock has been falling for the last three trading sessions.
Commenting on the outlook of the market heavyweight, Abhijeet Bora, DVP Research Analyst at Sharekhan by BNP Paribas said, “Reliance Industries stock price has corrected by 11% in CY23YTD primarily due to 1) volatile O2C segment margin as well as negative impact of windfall tax, 2) absence of telecom tariff hike and investment in 5G and 3) general market volatility given global interest rate hikes. We believe that firm middle distillate cracks, recovery in polymer margins led by China’s reopening and a likely removal of SAED on diesel/ATF would support recovery in standalone earnings. Jio earnings momentum to remain strong as we expect improvement in APRU led by further telecom tariff hikes/5G rollout while store addition/market share gain in organized retail bodes well for growth in retail segment. We expect strong 18%/20% EBITDA/PAT CAGR over FY22-25E. We have a Buy call on RIL with a SoTP-based price target of Rs 3,050. Further, value unlocking in digital/retail (with a likely IPO) and potential monetisation of gasification unit are key catalysts.”
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Pavitraa Shetty from Tips2trade said, “Very high volatility due to a potential banking sector collapse in the US due to rising interest rates has resulted in a sharp fall across majority of the stocks including Reliance Industries. On the Daily chart, a close below crucial support of Rs 2292 has been achieved and opens up for potential lower targets of Rs 2195 in the near term. Strong resistance will be at Rs 2344.”
Meanwhile, Sensex lost 897 points, or 1.65 per cent to 58,237 and Nifty tanked 258 points, or 1.49 per cent to 17,154 in trade today .
