Reliance said it plans an aggressive exploration campaign, investments in petrochemicals and overseas acquisitions, but did not elaborate on any particular plan.
The main 30-share BSE index closed up 0.1 percent, or 18.14 points, at 17,050.65 points, with half of its components rising. It had fallen as much as 0.9 percent during trade.
"Our market is just reacting to what is happening globally," said Shah.
Foreign funds have been a key driver for the market, pouring in $15 billion so far this year and helping the benchmark jump more than three-quarters in 2009.
The BSE index has risen 7.3 percent this month, erasing its losses in October.
HDFC Bank climbed 1.5 percent to 1,747.35 rupees as investors bet recovering economic activity would boost earnings.
"Besides being a geared play on the economic cycle, banks trade at a 22 percent valuation discount to the broader market, which makes them an attractive buy," HSBC Bank said in a report and added HDFC Bank was its top pick from the sector.
Top lender State Bank of India closed 0.3 percent higher while rival ICICI Bank ended little changed.
Energy explorer Oil & Natural Gas Corp fell 2.3 percent to 1,172.20 rupees as investors booked profits after it rose 4.5 percent in the past two sessions
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