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Shares of Reliance Industries hit an all-time high of Rs 2,369 in September 2020. Since then, the stock was in a multi-month corrective and consolidation phase.
Markets continue to show no signs of concern as new highs develop in Q4 and bullish trends hold (Chart 1). The S&P 500 recently posted a new all-time high of 3588.11 and the TSX is retested an all-time high near 18,000. Another welcoming sign for markets in 2021 are the sectors in the benchmark S&P 500. The industry groups that are performing best over the last 90 days are a promising sight. Industrials, Financials, Base metals, Consumer Discretionary and Communication services are all outperforming the S&P 500 (Chart 2). The bottom four sectors are all safe haven groups. Real Estate, Ut...