Overnight Catalyst and Opening Price Movement
The stock’s opening price surge to Rs 1,489, marking a 6.57% gain, was a notable development following a period of mixed performance. Reliance Industries Ltd had been on a two-day consecutive gain streak, accumulating a 7.27% return over this span. This gap up opening suggests that overnight developments or market dynamics contributed to heightened buying interest at the start of trading on 3 Feb 2026.
While the specific catalyst behind the overnight move is not detailed, the stock’s performance relative to its sector and benchmark indices provides insight into its market positioning. The Oil Exploration/Refineries sector advanced by 2.69% on the day, indicating a broadly positive environment for oil-related stocks. Reliance Industries Ltd outperformed this sector gain by 1.18 percentage points, signalling stronger investor enthusiasm or reaction to company-specific factors.
Intraday Price Action and Momentum
During the trading session, Reliance Industries Ltd reached an intraday high of Rs 1,489, representing a 7.11% increase from the previous close. The stock’s day change closed at 3.67%, outperforming the Sensex’s 2.67% gain on the same day. This intraday strength reflects sustained momentum beyond the initial gap up, although the closing gain was somewhat lower than the opening jump, indicating some profit-taking or consolidation as the session progressed.
The stock’s moving averages provide further context to its price dynamics. Reliance Industries Ltd traded above its 5-day and 200-day moving averages, which typically signals short-term and long-term support levels. However, it remained below the 20-day, 50-day, and 100-day moving averages, suggesting that while immediate momentum is positive, the stock has yet to fully reclaim medium-term trend levels.
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Comparative Performance and Sector Context
Over the past month, Reliance Industries Ltd has experienced a decline of 9.50%, which contrasts with the Sensex’s relatively modest fall of 2.23% during the same period. This divergence highlights some recent headwinds faced by the stock despite the positive gap up on 3 Feb 2026. The current Mojo Score of 52.0 and a Mojo Grade of Hold, downgraded from Buy on 6 Jan 2026, reflect a cautious stance based on recent performance metrics and market conditions.
The company’s market cap grade stands at 1, indicating a large market capitalisation but with room for improvement in other quality or momentum factors. The stock’s beta of 1.23, adjusted against the Sensex, categorises it as a high beta stock, meaning it tends to exhibit greater price volatility relative to the broader market. This characteristic aligns with the pronounced gap up and intraday price swings observed.
Technical Indicators and Trend Analysis
Technical assessments present a mixed picture for Reliance Industries Ltd. On a daily basis, moving averages suggest a mildly bullish trend, supported by the stock trading above the 5-day and 200-day averages. However, weekly and monthly technical indicators such as MACD and Dow Theory remain mildly bearish, signalling some caution in the medium term.
Relative Strength Index (RSI) readings on weekly and monthly charts show no clear signal, while Bollinger Bands indicate bearish tendencies on the weekly timeframe and sideways movement monthly. The KST indicator is mildly bearish weekly but bullish monthly, further underscoring the nuanced technical outlook. On-Balance Volume (OBV) trends show no definitive direction, suggesting volume patterns have not decisively confirmed price moves.
Gap Fill Potential and Momentum Sustainability
The significant gap up opening at 6.57% indicates strong initial buying interest, but the closing day gain of 3.67% suggests some retracement from the intraday high. This pattern is consistent with partial gap fill potential, where the stock may experience some pullback to test support levels established by the gap. The presence of resistance at the 20-day, 50-day, and 100-day moving averages could act as barriers to further immediate upside.
Given the high beta nature of the stock, price swings may continue to be amplified relative to the broader market, with volatility playing a key role in short-term price action. The oil sector’s positive performance on the day provides a supportive backdrop, but the mixed technical signals advise monitoring for confirmation of sustained momentum beyond the initial gap up.
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Summary of Market Impact
Reliance Industries Ltd’s strong gap up opening on 3 Feb 2026 reflects a positive market sentiment within the oil sector and a favourable reaction to recent developments. The stock’s outperformance relative to the sector and Sensex highlights its prominence in the current trading session. However, the mixed technical signals and partial retracement from the intraday high suggest that while momentum is present, investors should observe price action closely for confirmation of sustained gains or potential gap fill.
The downgrade in Mojo Grade from Buy to Hold earlier in January 2026, combined with the stock’s high beta and recent underperformance over the past month, provides a balanced context for understanding the current price movement. Reliance Industries Ltd remains a key player in the oil sector, with its price action on 3 Feb 2026 illustrating the dynamic interplay of market forces and technical factors.
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