The market heavyweight jumped 7.10 per cent to close at Rs 2,151.15 on the BSE. During the day, it surged 7.89 per cent to Rs 2,167.
On the NSE, it rallied 7.44 per cent to settle at Rs 2,158.50.
RIL was the top gainer in both the Sensex and Nifty.
"Reliance Industry up by 7 per cent amid media reports that the company was close to inking a deal with Future group to acquire their retail business," said Sumeet Bagadia, executive director, Choice Broking.
In volume terms, 20.53 lakh shares were traded on the BSE and over four crore on the NSE.
The company''s market valuation rose by Rs 5,619 crore to Rs 13,63,701 crore.
The BSE Sensex soared 748.31 points or 2.03 per cent to close at 37,687.91, while the NSE Nifty rallied 203.65 points or 1.87 per cent to 11,095.25. PTI SUM RUJ