Reliance share price rebounds by 6% as crude prices rise

Shares of Reliance Industries on Wednesday rebounded nearly 6 per cent after plunging over 12 per cent in the previous session.The stock was trading 3.49 per cent up at Rs 1,152.05 on the BSE. In early trading hours the stock gained as much as 5.8 per cent to Rs 1,178.40.

On the NSE, it was quoting at Rs 1,151.65, up 3.37 per cent. It touched a high of Rs 1,178.45, higher by 5.77 per cent.

More than 1.71 crore shares of Reliance Industries were traded on the NSE, while BSE saw an exchange of 57 lakh shares till noon.

The spurt in volume was more than 6.70 times during the day on the BSE.

After surging 308 points in highly volatile trade, BSE benchmark Sensex was up 196.45 points, or 0.55 per cent, at 35,831.40, and the NSE Nifty rose 33.60 points, or 0.32 per cent, to 10,485.05.

Shares of Reliance Industries on Monday slumped as much as 13 per cent amid a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.

Global oil benchmark Brent crude futures were trading 0.24 per cent higher at USD 37.31 per barrel at 1230 hours.

Domestic financial markets were closed on Tuesday for Holi.