Monday, December 27 2004 11:19 Hrs (IST) - World Time -

Mumbai: Notwithstanding a sharp decline in top heavyweight, Reliance Industries (RIL) due to investors wrath following tussle between Chairman Mukesh Ambani and Vice-chairman Anil Ambani in board meeting today (Dec 27, 2004), the sensex staged a smart recovery and hit yet another historic high of 6510.06 at 10:30 hrs (IST) during morning trading in the Bombay Stock Exchange (BSE) today.

Right from the onset, the BSE-30 share sensitive index resumed on a firm note but immediately later dropped to a low of 6469.96 on RIL fiasco.

Declaring war against warring elder brother Mukesh, RIL Vice-chairman and Managing Director Anil Ambani today lashed out at the proposed buyback ahead of the crucial board meeting questioning the intentions of the move.

As a result RIL share prices crashed to a low of 505 as against last Friday's (Dec 24, 2004) close of 523.60 before recovering some ground to 514.15 at 10:30 hrs (IST).

Upsurge in other Index-based shares like ACC, BHEL, GACL, Grasim, HDFC, Hero Honda, HPCL, Infosys Tech, L&T, Ranbaxy and Tisco mainly kept the tempo upbeat and contributed to the sensex gains, cushioning the negative RIL effect to some extent, dealers said.

Foreign institutional investors (FIIs) continued their buying spree and were said to be picking up blue-chip counters at every decline.

According to market-men, buying was also on hopes of good third quarter working results to be announced by most of the companies in the next month.

Among major top gainers, Dena Bank was quoted up by 16.50 per cent, MIRC Electronics by 6.83 per cent, Adani Export by 5.77 per cent, LIC Hsg Fin by 5.24 per cent and National Fert by 4.63 per cent.

However, Micro Ink, IDBI Bank, CESC, Hexaware and ING Vysya Bank showed moderate falls.