Reliance Industries tops Margin Trading Facility book after 60% exposure surge

Reliance Industries' shares attracted heightened attention on Wednesday after the company recorded the largest exposure in the National Stock Exchange's Margin Trading Facility (MTF) book on Monday. NSE data released on November 2 showed the firm's MTF exposure increased 60% to ₹4,711 crore, up from ₹2,937 crore at the end of October.

The surge moved Reliance ahead of HDFC Bank, which had held the top spot for several months. The overall MTF book stood at ₹1.45 lakh crore, with the ten most-exposed stocks accounting for ₹19,442 crore; Reliance alone represented 24% of that exposure after the jump.

Reliance also led trading activity in the Nifty 500 index, with turnover exceeding ₹11,000 crore on Monday and remaining above ₹5,000 crore on Tuesday. Delivery-based buying reached nearly ₹3,000 crore on Tuesday, following more than ₹6,000 crore on Monday.

The share price rose about 11.6% in a single session on November 2, accompanied by a significant volume increase. > "The stock has broken above a prolonged downward-sloping trendline, suggesting that selling pressure may be easing and fresh buying interest is emerging," said Apurva Sheth, head of market perspectives and research at SAMCO Securities.

In its second-quarter FY27 results, Reliance posted a consolidated profit after tax of ₹29,550 crore, a 33.8% year-on-year rise, and earnings per share grew 40% YoY. Revenue climbed 27.8% to ₹3,62,268 crore, while EBITDA reached a record ₹62,409 crore, up 23.9%.

The Oil-to-Chemicals segment drove most of the earnings growth, with EBITDA up 67.9% YoY to ₹25,203 crore and revenue rising 44.2% to ₹2,31,601 crore. The company said the segment is on track to generate annualised EBITDA above ₹80,000 crore and that new-energy projects are expected to contribute from FY28.

Analysts offered mixed views on the stock's near-term outlook. Gaurav Garg, head of research at Lemonn, recommended holding existing positions and waiting for a breakout above ₹1,250-₹1,252 before adding new purchases. Motilal Oswal maintained a buy rating with a target price of ₹1,520, noting that Reliance appears to trade at a discount to its stake in Jio Platforms.

Investors are advised to consult financial advisers before making decisions.