Reliance Inds surges on stock-split scuttlebutt

DALAL STREET SPIKES

Index heavyweight Reliance Industries ended higher in a volatile trading session on Wednesday.

The stock was up 3 per cent to hit its intra day high of Rs 555.90 in the morning. It, however, fell victim to profit booking and closed at Rs 546.80, up 1.33 per cent from its previous close.

Market sources suggested that rumours of a stock split is attracting buying at this counter.

A leading broker said: "Whenever any stock witnesses strong gains, rumours of a stock split are floated in the market. However, these rumours have proved wrong several times".

The counter witnessed volumes of more than 39.44 lakh shares on the BSE and over 73.9 lakh shares on the NSE. Dealing room sources suggested that a leading FII was buying at the counter in the morning.