The Indian stock market traded with strong momentum on the first day of the week. Meanwhile, the Bombay Stock Exchange’s Sensex and the National Stock Exchange’s Nifty broke all records and touched a new all-time high, while during the last half hour of trading in the market, the stock of Mukesh Ambani’s company Jio Financial Services rose at a rocket speed and jumped by 9 percent. Last week, in Reliance 47th AGM, the company chairman praised his company a lot.
The market gained momentum in the last half hour
On Monday, during trading in the stock market, Jio Financial Services Share started with a slight increase. It opened at the level of Rs 323 and continued to trade with a slight increase till 2.50 pm, but in the last half hour of trading in the stock market, it started running like a rocket and jumped by 9 percent to reach the day’s high level of Rs 349.35. At the close of the market, it closed at Rs 348, gaining 8.18 percent. Due to the rise in the stock, the company’s market cap (JioFin MCap) also increased to Rs 2.19 lakh crore.
Experts Bullish on JioFiber
Looking at the market data of the first day of the week, a total of 66.09 lakh equities were transacted in Jio Financial Services and the total turnover was around Rs 222 crore. This figure was more than the average turnover of 19.40 lakh shares in the last two weeks. Talking to Business Today TV, market expert Kush Ghodasara said that the stock looks good on the chart, so he is advising to buy it at the level of Rs 340 for a possible upside target of Rs 370-400.
Sudden rise after Reliance AGM
If we look at the returns received by those who invested in the shares of this newest company of Mukesh Ambani, its price has increased by about 40 percent in the last one year. However, right now it is below its listing price. The company’s shares were listed in the stock market last year at Rs 265 on BSE, while on NSE at Rs 262. Last week, in Reliance AGM, Chairman Mukesh Ambani praised Jio Financial Services and said that JioFin’s business is moving forward at a fast pace on the right track and its market capitalization has crossed Rs 2 lakh crore. The effect of the praise given in the AGM was clearly visible on the stock on Monday.
Announcement of entry into home loan sector is also a reason!
Jio Financial Services is a non-banking finance company (NBFC) of Reliance Industries. Talking about other reasons behind this stormy rise in Jio Finance Share, there can also be an announcement made by the company. In fact, while addressing the shareholders during the Reliance AGM, Hitesh Sethia, MD and CEO of Jio Financial Services, said that we are in the final stage of the process of starting the loan facility (Jio Finance Home Loan), which has been started on a trial basis.
(Note- Before making any investment in the stock market, please consult your market experts.)
Source (PTI) (NDTV) (HINDUSTANTIMES)