Reliance Industries shares are likely to remain in focus on Wednesday, November 4, 2026, after the Mukesh Ambani-led conglomerate recorded a sharp increase in its Margin Trading Facility (MTF) exposure and overtook HDFC Bank to become the stock with the highest exposure in the segment. The development follows a strong single-session rally on November 2, when the stock surged nearly 11.6%, accompanied by a significant increase in trading volumes.
According to data released by the National Stock Exchange (NSE) on November 2, Reliance Industries’ MTF exposure jumped 60% to ₹4,711 crore, compared with ₹2,937 crore on October 30. The increase pushed the company ahead of HDFC Bank, which had held the top position in the MTF book for several months.
Reliance Industries Takes the Lead in MTF Exposure
The overall Margin Trading Facility book stood at approximately ₹1.45 lakh crore, with the top 10 stocks accounting for an exposure of ₹19,442 crore. Reliance Industries alone represented around 24% of the combined exposure of these leading stocks.
The company’s trading activity also remained elevated. Reliance Industries was the most traded stock in the Nifty 500 index on both Monday and Tuesday. Its trading turnover exceeded ₹11,000 crore on Monday and remained above ₹5,000 crore on Tuesday.
Delivery-based buying added to the market interest, with purchases worth nearly ₹3,000 crore recorded on Tuesday following delivery volumes exceeding ₹6,000 crore on Monday.
Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, said the stock had broken above a prolonged downward-sloping trendline. He highlighted the technical breakout, exceptional trading volumes, improving earnings and potential value unlocking through Jio as factors making the stock worth watching.
Reliance Industries Q2 Results FY27: Profit Rises 33.8%
Reliance Industries reported strong financial performance for the second quarter of FY27, with consolidated profit after tax, including its share of associates and joint ventures, increasing 33.8% year-on-year to ₹29,550 crore from ₹22,092 crore in the corresponding quarter last year.
Profit attributable to the company’s owners rose 40% year-on-year to ₹25,548 crore. Consolidated revenue increased 27.8% to ₹3,62,268 crore, while EBITDA climbed 23.9% to a record ₹62,409 crore.
The quarterly profit also exceeded the ₹23,196 crore reported in the preceding quarter, marking a new high for India’s largest listed company by market capitalisation.
Oil-to-Chemicals Business Drives Earnings Growth
The Oil-to-Chemicals (O2C) segment emerged as a major contributor to Reliance Industries’ earnings growth. Improved global transportation fuel cracks and stronger petrochemical margins supported the segment’s performance.
O2C EBITDA surged 67.9% year-on-year to ₹25,203 crore, while revenue increased 44.2% to ₹2,31,601 crore.
Reliance Industries said its first-half performance positioned the O2C business to achieve annualised EBITDA of more than ₹80,000 crore. The company also expects its new energy projects to begin contributing to earnings from FY28 onwards.
Investors will closely monitor whether the improvement in energy-related profitability continues and how the company’s retail, digital and new energy businesses contribute to future growth.
Reliance Industries Shares: Should Investors Buy, Sell or Hold?
Market experts have offered different perspectives on Reliance Industries shares, with technical analysts advising caution after the sharp rally and a major brokerage maintaining a positive long-term view.
Gaurav Garg, Head of Research at Lemonn, said the stock had responded positively to its quarterly results and that recent price action suggested buying interest was returning after the previous correction. He recommended holding existing positions and considering fresh buying only after a decisive breakout above ₹1,250–₹1,252.
According to Garg, the ₹1,155–₹1,160 range represents a strong demand zone, while ₹1,215–₹1,220 has emerged as an important near-term support area.
A sustained move above ₹1,252 could open the possibility of an advance towards ₹1,278–₹1,280, where the next major supply zone is located. Conversely, a break below ₹1,215 could weaken the ongoing recovery, with ₹1,155–₹1,160 remaining the crucial positional support zone.
Garg cautioned investors against chasing the sharp single-session rally near resistance and suggested waiting for breakout confirmation or a healthy retest of support.
Motilal Oswal Maintains Buy Rating, Sets ₹1,520 Target
Brokerage firm Motilal Oswal has maintained its ‘buy’ rating on Reliance Industries and revised its target price to ₹1,520.
The brokerage highlighted the valuation of Reliance’s stake in Jio Platforms, estimating that the stock was trading at an approximately 54% holding-company discount on its 64.5% stake in Jio Platforms. It considers the discount excessive.
Motilal Oswal also noted that the energy segment could support near-term earnings upgrades, while a recovery in Reliance Retail Ventures Limited’s growth and profitability could become an important driver of the share price.
Reliance Industries Share Price Outlook
Reliance Industries is attracting attention due to its strong quarterly earnings, rising MTF exposure, elevated trading activity and technical breakout. However, the sharp rally also increases the possibility of short-term volatility and profit-booking.
For traders, the ₹1,250–₹1,252 breakout zone and the ₹1,215–₹1,220 support range are important levels highlighted by the cited analyst. Long-term investors may also evaluate the company’s earnings outlook, Jio’s valuation, retail business performance and new energy investments before making decisions.
A higher MTF exposure indicates increased leveraged market participation, but it does not independently establish the direction of future share prices. Investors should consider their risk tolerance, investment horizon and the possibility of sudden price movements.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Analyst opinions and target prices are not guaranteed outcomes. Consult a qualified financial adviser before making investment decisions.
