Money on the markets
A maturing market amid the mayhem
The Economic Times said the company was close to a nearly $6 billion acquisition and the likely target was the assets of petrochemicals firm LyondellBasell.
RIL closed at 2,024.5 rupees and was the top contributor to the Sensex’s rise of 340 points, which saw support from banking counters too.
Reliance shares have gained 4.8 percent in November, a tad better than the return of the BSE Oil & Gas index.
Essar Oil was the top loser in the index, closing down 4 percent. ONGC too came under pressure and slipped 2.4 percent.
RIL shares have been on the rise for four consecutive trading sessions now, adding over 12 percent over the period.
Reliance Industries, India’s top listed company, struggled on the first trading day of the week after posting disappointing results on Friday.
The energy major slipped 3.7 percent to close at 1939 rupees, dragging the BSE Oil & Gas Index down 3 percent.
Engineering and construction firm Larsen & Toubro fell 3.6 percent and was the main stock that pushed the benchmark lower. Earlier in the day the company had announced its Q1 net profit had risen to 15.98 billion rupees.
Worries about the global economy and corporate results weighed on investor sentiments throughout trade, which saw the benchmark hitting the day’s low of 13,220.
On Friday the benchmark closed 253 points lower at 13,504 on worries over the monsoon and global economy.
The government released the economic survey report on Thursday which said India could see growth of around 7 percent this year if it makes sweeping reforms and speeds infrastructure development. (Click here for complete coverage)