Mumbai: Clarification by RIL Chairman Mukesh Ambani on "ownership crisis" helped market bounce back with a vengeance after it crashed by 84 points within minutes of the resumption trading over speculation of Ambani-family feud.

The market, which remained in approximately 60-40 points minus territory till 12 noon, later recovered sharply after Ambani clarified that all ownership issues pertaining to Reliance had been settled by his father and that his remarks on "ownership issues" were torn out of context.

After dipping to the day's low of 5877.97, a fall of 84 points in the first ten minutes of trading, the BSE Benchmark 30-share Index later recovered gradually and ended the day at 5963.80 as against last Friday's (Nov 19, 2004) close of 5961.71, a minor gain of 2.09 points or 0.04 per cent.

Foreign Institutional Investors (FIIs), which commands a stake of about 27 per cent in RIL, were believed to have made heavy purchases at the day's lower price levels.

Initially, the market had witnessed a panic reaction by investors following reports as well speculation about the differences over "ownership issues" in the Reliance group.

RIL, which opened steady at Rs 527.00 and later dropped to the low of Rs 509.20 before closing the day at Rs 532.80 as against previous close of Rs 527.15.

Blue chip counters including SBI, ONGC, Tata Power, Tata Steel, L&T, BHEL, Ranbaxy, HDFC, GACL and ACC scored handsome gains on fresh buying support.

However, Infosys Technologies, Tata Motors, ICICI Bank, HPCL, REL, HLL, Grasim, Cipla and Satyam Computer suffered a marked setback.