While in Friday's trade (September 11, 2020), the indices largely ended flat with gains in the IT stock outshining the weakness in financials. Indian benchmark indices for the week to September 11, 2020 ended higher by over 1%. In the previous ended week to September 4, 2020, the indices lost as much as 2.6%.
The heavyweight stock Reliance Industries contributed the most this week to the headline indices gaining as much as 12% and with a valuation seen at Rs. 15 lakh crore. The stock gained impetus after it attracted another set of investment into Reliance Retail from Silver Lakes and hopes of further investments are also giving further steam to the counter.
Though, brokerages are divided on the stock of Reliance Industries with many maintaining a neutral rating on the stock and seeing a downside as the current rush of strategic investment into Reliance Retail does not seem justified to them.