Reliance spurts on coercive duty correction by US

Index heavyweight Reliance (RELI.BO, news) Industries rallied on the back of news that the US has dropped the anti-dumping duty on PET. The stock as a result gained 3.13 per cent to close at Rs 530.20. In intra-day trades, the stock had jumped to Rs 531.90 backed by strong volumes of more than 16.97 lakh shares on BSE. Reliance was among the top gainers in the Sensex stocks which pushed the Sensex up at close. Analyst said, value buying and the PET news resulted in a spurt on the counter today. Sources said, a leading foreign fund has been buying into the Reliance counter of late along with other bluechip stocks such as ONGC and Maruti. Market is expecting a settlement over the ownership issue of the Rs 99,000 crore Reliance group soon.

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