Reliance Industries rallied on ‘buy’ rating from Jefferies

The Markets Today in a nutshell

• Domestic stock market ended on a positive note.
• While large caps settled higher, broader market ended in the red. Among the sectoral indices on the NSE, the Nifty FMCG index (up 1.20%), the Nifty Realty index (up 1.17%) and the Nifty Oil and Gas index (up 1.05%) outperformed the Nifty50 index. India’s exports contracted 12.2% to $34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to $ 23.76 billion during the same period.

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? Reliance Industries rallied on ‘buy’ rating from Jefferies
Global research and broking firm Jefferies have a ‘buy’ tag on the heavyweight stock with up to 42 percent upside from the current level or a price target of Rs 3,100. Jefferies believes that Reliance’s recovery in gross refining margin (GRMs) was ahead of its estimates.

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