Indian shares down 0.1%

Mumbai: Indian shares ended a seesaw session down 0.1 per cent yesterday, as market talk Reliance Industries was close to settling a gas dispute offered some cheer to gloomy investors worried by a deepening global downturn.

The 30-share benchmark index closed 9.44 points lower at 9,645.46 after having fallen as much as 2.2 per cent. Eighteen components fell a day after an across the board rally sent shares up 5.4 per cent to their highest close in a month.

Largest-listed Reliance rose in late trade to end 2.6 per cent higher at Rs1,258.90 on market talk it was within reach of a gas supply deal with Reliance Natural Resources, which surged nearly 26 per cent, its sharpest daily rise in 18 months.

The two firms, which are led by the feuding Ambani brothers, declined to comment on the rumours.

The firms are in dispute over whether and at what price Reliance Industries, run by Mukesh Ambani, is required to sell gas to the Anil Ambani group of firms. A dispute over the price of the gas is before the Mumbai High Court.