Reliance boosts stock market

K ARAVIND

The stock market was dominated by bulls last week. On the first day of the week, the trend was very clear. The Nifty rose above 11,000 points and strengthened that level. The Nifty rose to 11,240 points last week.

At the same time, the market continued to fluctuate. The market fluctuated from high to low on some days
Reliance Industries was the market leader last week. It can be said that it was Reliance that pushed the market upwards. Shares of Reliance, which had risen sharply before the annual general body meeting, fell by about 10 per cent after the meeting. But since then, the stock has rebounded with unprecedented strength.

The news that Reliance is investing more in the retail sector has led to a fresh jump in the stock price. Each day saw the stock rising again to record levels. The highest price recorded on Friday was Rs 2,149.90. Shares of Reliance have risen 24 per cent in a month.
IT stocks also performed well. Shares of Infosys and Wipro hit 52-week highs last week.

Global indicators also helped the market. Vaccine trials for COVID are in the pipeline, giving the market a boost. On the one hand, despite the sharp increase in the number of COVID patients, the successful testing of the vaccine has given the stock market a boost. The good monsoon in India also helped the market.

Last week, it was pointed out that the next pressure point at Nifty after 10,800 is 11,300 points. The market is expected to trade between 11,000 and 11,300 next week. The market has entered the next stage of surge if it breaks through the severe pressure of 11,300.