Indian IT companies have seen an upward trend in the last three months, particularly in December, following the Federal Reserve s December 2023 release, which hints at the possibility of three rate cuts in the calendar year 2024, implying a reversal in the rate cycle.
Reliance Industries share price today: Reliance Industries shares ended 0.11% lower at Rs 2635.45 on Friday against the previous close of Rs 2638.35 on BSE. The stock of Reliance Industries has gained 3.42% this year and risen 44.49% in three years.
Reliance Industries share price today: Reliance Industries shares closed at Rs 2,649 on December 8 compared to the current level of Rs 2638.35 on BSE. In the last session, RIL stock ended 2.07% higher at Rs 2638.35 against the previous close of Rs 2,584.80on BSE.
While the headline valuation may not look very expensive, it could be misleading due to the large contribution of banks to overall profits of Nifty. A sectoral break-up of net profits of Nifty50 index across shows that the contribution of banks has gone up from 21% in 2022 to 27% in 2023.