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Reliance Industries and Reliance Energy Ltd have witnessed a sharp recovery from the day’s low on Wednesday and helped the broader market to recover some of the losses. While the former touched a low of Rs 3,032.6 and recovered to close at Rs 3,098.35, the latter closed at Rs 2,266.6 after touching a low of Rs 2,167 on the BSE. Trading volumes were also higher, particularly during the later part of the day’s trading, against their two-week average.

According to market participants, both these stocks were bought by investors, particularly local brokers, as they are announcing their quarterly numbers on Thursday. According to sources, traders are accumulating the stock in anticipation of a ‘positive surprise’ in the quarterly earnings.

It may be mentioned here that Reliance Industries sold about 4 per cent stake in Reliance Petroleum through secondary market dealings in November that fetched it Rs 4,023 crore. The company reported a net profit of Rs 3,837 crore for the quarter ended September 30, 2007 and Rs 2,799 crore in the same period a year-ago. Besides, investors are also betting on strong refining margins of the company caused by soaring crude prices.

K.S. Badri Narayanan

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