The counter clocked a huge volume of over 1.71 crore shares between the two leading bourses namely BSE and NSE. Interestingly, Reliance was the top traded stock on the BSE today with its volumes exceeding the volumes registered on the NSE. While on the NSE the counter clocked a volume of 74.36 lakh shares, on the BSE the volumes touched a high of 96.86 lakh shares. However, Reliance closed higher on the NSE at Rs 145.25 where the stock was locked, while on the BSE the stock waslocked at Rs 141.05. The difference, according to brokers, was the charge paid to shift positions from one exchange to the other on account of the end of settlement considerations on the NSE. The stock will enter into the no-delivery phase on the NSE from May 5. The scrip entered the no-delivery period on the BSE on Monday.

Market sources claim as a result of a shutdown in a few plants in the Asia-pacific region, the polymer and fibre intermediary prices have firmed up in the range of $ 40-70 per tonne. The petrochemical major has been thriving on a volume-led growth and the current upward revision in prices would add to the company's bottomline directly. The price of purified terepthalic acid (PTA) has been revised upward by Rs 1.5 per kg to Rs 24 a kg and that of monoethylene glycol (MEG) by Rs 1.5 a kg to Rs 22.5 per kg.

Market sources claim that other players like IPCL and Bombay Dyeing too are expected to follow suite and would benefit from the upward revision of prices overseas.

With the prospectsof a boost in the company's bottomline, the company's stock in the past few sessions has zoomed from Rs 120 on April 26 to the current level of Rs 141. The scrip was earlier hammered from its post-budget high of Rs 159 to a low of Rs 117 on April 15.

On the latest earnings of Rs 1704 crore, the earning per share works out to Rs 16.4 and discounts the current price of Rs 141 at an attractive price earning multiple of just over 8.5.