Reliance turns from Nifty's biggest drag to its top driver

Reliance Industries Ltd (RIL), which was the top drag on the Nifty 50 during its slide from late September to early April, has become the top mover of its rebound.

- Ram Sahgal & Nehal Chaliawala

The stock could continue rising on the anticipation of growth in retail and telecom operating profits amid limited downside in the oil-to-chemicals business, foreign brokerages said. RIL's derivatives support this optimism.

The Mukesh Ambani-led group contributed 457 points or 10% to the Nifty's 4,534-point (17.25%) correction from a record high of 26,277.35 on 27 September to a 13-month low of 21,743.65 on 7 April. Since then, it has contributed 10% or 395 points to the 3,911-point (18%) recovery till Friday's high of 25,654.2, according to wealth advisory firm Equentis.