Investors locked in profits after Reliance Industries recorded its strongest single-day performance since April 2020 on the back of a 33.8% surge in second-quarter net profit. The financial jump was anchored by a 67.9% rise in oil-to-chemicals EBITDA, which offset a 24.3% profit decline in Reliance Retail Ventures. Motilal Oswal Financial Services subsequently issued a Buy rating with a ₹1,520 price target, pointing to an excessive holding-company discount on Jio Platforms.
Key points
Monday's 11.6% rally added ₹1.84 lakh crore in market capitalization despite shares remai…: Monday's 11.6% rally added ₹1.84 lakh crore in market capitalization despite shares remaining down 17.22% across 2026.
Motilal Oswal maintained a Buy rating with a target price of ₹1,520 based on an undervalu…: Motilal Oswal maintained a Buy rating with a target price of ₹1,520 based on an undervalued Jio Platforms holding.
Analyst Mayank Jain advised watching for technical support around ₹1,000 to ₹1,100 alongs…: Analyst Mayank Jain advised watching for technical support around ₹1,000 to ₹1,100 alongside confirmed moving average reversals.
Sources checked by our analysis pipeline: 1
Reliance Industries share price: Reliance Industries share price declined over 1% in intraday trade on Tuesday, November 3, on profit booking after rallying nearly 12% in the previous session. The stock fell as much as 1.3% to an intraday low of ₹1,281.55 on the NSE, giving back some of Monday's sharp gains.
Reliance Industries shares had surged 11.6% on Monday to close at ₹1,300, their highest level since early September. The rally marked the stock's biggest single-day gain since April 2020 and helped lift the Nifty 50 by 1.7%, given the company's heavyweight presence in the index.
The sharp rebound also added ₹1.84 lakh crore to Reliance Industries' market capitalisation, taking it to ₹17.6 lakh crore and helping it retain its position as India's most valuable listed company. At its peak of ₹1,611, the company had commanded a market capitalisation of ₹21.8 lakh crore. It had crossed the ₹21 lakh crore milestone in June 2024, becoming the first Indian company to achieve the feat.
Despite Monday's rally, Reliance shares remain down 17.22% so far in 2026. The stock had been…
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