New Delhi, July 2 -- Oil-to-telecom conglomerate Reliance Industries Ltd (RIL), which was the top drag on the Nifty 50 during its steep fall from late September to early April, has become the top mover of the bellwether index's rebound.

The stock could continue its uptrend on the anticipation of growth in retail and telecom operating profits amid limited downside in the oil-to-chemicals business, according to foreign brokerages. RIL's derivatives support this optimism.

The Mukesh Ambani-led group contributed 457 points or 10% to the Nifty's 4,534-point (17.25%) correction from a record high of 26,277.35 on 27 September last year to a 13-month low of 21,743.65 on 7 April. Since then, it has contributed 10% or 395 points to the 3.911-poin...