Reliance Industries shares surged as much as 5.86 per cent to hit an intraday high of Rs 1,178.40 on the BSE. The Mukesh Ambani-led firm rebounded from worst single-day fall in at last 10 years in the previous session as oil prices climbed for a second day in Wednesday' session on hopes that US producers would cut output. But gains were capped by growing doubts about Washington's stimulus package to fight the coronavirus, which continues to spread globally. Reliance Industries shares on the National Stock Exchange rose as much as 5.77 per cent to Rs 1,178.45 from its previous close of Rs 1,114.
Brent crude oil futures rose $1.26, or 3.4 per cent, to $38.48 a barrel by 10:18 am, while US West Texas Intermediate (WTI) crude gained $0.91, or 2.7 per cent, to $35.27 a barrel.
Trading volume in Reliance Industries shares saw a spike as 55.58 lakh shares changed hands on the BSE compared with an average of 8.5 lakh shares traded daily in the past two weeks.
In Monday's selloff, investors' wealth worth Rs 1 lakh crore was destroyed after the stock plunged as much as 12.35 per cent. The plunge led to Tata Consultancy Services piping Reliance Industries to become the most valued company in the country by market capitalization. Reliance Industries market cap stood at Rs 7.30 lakh crore while TCS' market capitalization was Rs 7.35 lakh crore, BSE data showed.
Reliance Industries stock faced a massive selloff in the previous session as oil prices in international markets crashed more than 30 per cent after the disintegration of the Organization of the Petroleum Exporting Countries (OPEC)+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.
Crude oil fell the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling price and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.
As of 11:24 am, Reliance Industries shares were up 3.37 per cent, outperforming the Sensex which was down 0.3 per cent.
(With inputs from Reuters)