Reliance rebounds past buyback price

DALAL STREET SPIKES

Reliance Industries was top gainer among the Sensex stocks ending above the maximum buyback price of Rs 570. The stock was up 2.39 per cent in Monday's trading to close at Rs 585.55, after touching an intra-day high of Rs 589.10.

The gain in Reliance Industries stock pushed the Sensex to 6900 levels in intra-day trades, said a market analyst. More than 24.54 lakh Reliance shares changed hands on the BSE.

According to market sources, the stock is back in limelight as it has not participated in the rally so far. In the past five trading sessions, the stock has appreciated nearly 7 per cent from Rs 539.9 on March 4, to Monday's close of Rs 585.55.

A leading BSE brokers said, "The stock has gained in the past few trading sessions on renewed buying interest among the investors. While the market is abuzz with a possible settlement between the two brothers over the ownership issue, pure buying by large funds has resulted in sharp rally at the counter."