Thursday, June 16 2005 17:27 Hrs (IST) - World Time -

Mumbai: Reliance Industries rallied on the Bombay Stock Exchange (BSE) today (Jun 16, 2005) on heavy buying after reports that the Ambani brothers were close to resolve their differences over ownership issues by July 6.

However, the Sensex ended marginally lower by 6.57 points at 6900.41 and arrested the three-day gaining spree.

As differences over ownership issue in Reliance was about to resolve, investors' confidence was boosted up and resulted to heavy buying in the flagship company RIL which closed smartly higher, market analysts said.

RIL opened firm at 582.25 and rallied to a high of Rs 591.35, before closing at 590.80, showing a smart rally of Rs 15.85 or 2.76 per cent over yesterday's close of Rs 574.95.

The BSE benchmark 30-share sensitive index opened a shade lower at 6906.12 as against yesterday's close of 6906.98 and rose smartly to an intra-day high of 6933.26.

Later, in volatile trade, it fell sharply to 6869.47 and finally ended at 6900.41, showing a small loss of 0.10 per cent over the previous close.

The index, which was rising steadily since Monday gained by 124.99 points in the last three days, crossed the 6900-level yesterday to end at 3-month high of 6906.98, just 47.88 points away from the all-time intra day high of 6954.86 recorded on March 9. Generally, prices moved down on fresh selling, but as select index-based shares firmed up it cushioned the index fall to a large extent.

Major gainers were Infosys Tech, Bajaj Auto, HDFC, HDFC Bank, REL, Tata Motors and TCS.