Reliance Industries shares climb nearly 3%; market valuation surges by Rs 50,688 crore

New Delhi: Shares of Reliance Industries Ltd advanced nearly 3 per cent on Wednesday, becoming the major driver behind the rebound of stock markets from losses in early trade.

The bluechip stock ended higher by 2.83 per cent at Rs 1,359.75 on the BSE. During the day, shares of the conglomerate rallied 3 per cent to an intraday high of Rs 1,362 apiece.

At the NSE, shares of RIL climbed 2.8 per cent to end at Rs 1,359.70. The company's market valuation jumped by Rs 50,688.1 crore to Rs 18,40,086.95 crore.

The stock was on a downward trend for the past three trading days. Reliance Industries contributed significantly to the market's rebound from the losses in the early session.

Benchmark indices recovered intraday losses and ended higher. The 30-share BSE Sensex climbed 117.54 points, or 0.16 per cent, to settle at 75,318.39. The 50-share NSE Nifty edged higher by 41 points, or 0.17 per cent, to end at 23,659.