Indian shares closed at a record high on Monday, with the benchmark index crossing 7,000 points in intraday trade, buoyed by the end of a family battle for ownership of Reliance group companies, dealers said.
The Mumbai stock exchange's 30-share Sensex gained 1.13 percent or 78.03 points to close at a new high of 6,984.55, after hitting an intra-day high of 7,001.55.
Shares worth 32.1 billion rupees (735 million dollars) were traded on the exchange as 653 stocks closed positive and 1,840 ended down.
Official data showed that more than 50 percent of total volume traded on the Mumbai stock exchange was in Reliance group companies.
"It was a historic day today as euphoric investors aggressively bought Reliance Industries and other group shares, taking the broad market to a new trading zone," said Prakash Lala, managing director at Centaur Capital Market.
The index's rise came on the back of a weekend settlement by the Ambani brothers, Mukesh and Anil, of their seven-month row over control of the 23-billion-dollar Reliance group, dealers said.
The deal divided control of the companies between the two siblings, with Mukesh keeping control of oil, gas and petrochemicals businesses of Reliance Industries, the group's historic core, and Indian Petrochemicals Corp.
Group flagship Reliance Industries, which has the second largest weighting on the Sensex, closed at a new high of 630.40, up 4.92 percent or 29.55 rupees from Friday's close.
Energy company Reliance Energy rose 67.0 rupees or 11.33 percent to 658.25 while financial services firm Reliance Capital gained 58.45 rupees or 24.79 percent to 294.20.
Refiner Indian Petrochemicals, also part of the Reliance group, rose 6.25 rupees or 3.8 percent to 167.50.