Reliance’s Record $19 Billion Surge Lifts Nifty, Keeps India Bulls in the Game

Reliance’s $19 Billion Rally Keeps India Stock Bulls in the Game Good morning... I’m Ashutosh Joshi in Mumbai, where bulls can’t seem to get enough of billionaire Mukesh Ambani’s flagship stock. A surge of nearly 12% in Reliance Industries’ shares was the talking point in the market on Monday, after its quarterly earnings beat expectations. The stock’s biggest one-day rally since April 2020 shattered several records, as we write below. Coming on the heels of a strong October for the benchmark Nifty 50, Reliance’s bounce could embolden India bulls further, especially if oil prices continue their recent slide. Beyond Reliance, the financial sector will be in focus today, with State Bank of India, Bajaj Finserv and the National Stock Exchange among firms due to report earnings. NSE’s stock has recently drawn a string of bullish calls from Wall Street brokerages, which expect the bourse to cement its dominance as India’s capital markets deepen. Meanwhile, Asian stocks have opened lower on Tuesday after a selloff in US chipmakers deepened, overshadowing a plunge in oil prices on optimism over diplomatic progress toward ending the war in Iran. In today’s newsletter, we also bring you: