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Reliance turns from Nifty's biggest drag to its top driver
Mint Kolkata
|July 03, 2025
Oil-to-telecom conglomerate 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 the bellwether's rebound.
The stock could continue its uptrend on the anticipation of growth in retail and telecom operating profits amid limited downside in the oil-to-chemicals business, according to foreign brokerages. 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 last year 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.
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