Shares of Reliance Industries hit their lifetime high of Rs 2,930.60. This marks the third day of gains for the stock. The heavyweight had been trading in a band for the last two years.
Other power stocks included those of public sector companies, such as Bharat Petroleum — up 10% — and Oil and Natural Gas Corp, Coal India, Power Grid Corp of India and NTPC.
NBCC (India), also a government company, hit a lifetime high of Rs 169.95 on positive news from the budget.
Stocks of IT companies, which had been suffering for some time due to fears over poor demand and an AI ‘takeover’, were back in favor, including Tata Consultancy Services, Wipro, and Infosys.
On the other side, Paytm parent One97 Communications was locked in the 20% lower circuit for the second day, reacting to Reserve Bank of India’s direction to its payments bank unit to not take further deposits after Feb 29.
With this, the Nifty 50 is up 2.4% this week, taking a break from the losing streak seen in the previous two weeks.