Country's most valued firm Reliance Industries' scrip climbed to hit a record high of Rs 1,948 on the bourses on funds buying after reports that company was planning to set up a fertilier plant, helping the key Sensex recover 76.98 points.

The BSE Oil and Gas index was the second best performer among sectoral indices after Realty index, ending 122.11 points higher at 8,325.19 after touching 8,338.92 largely on the back of significant rise in RIL and ONGC stocks.

Market observers attributed the sustained rally in Reliance Industries' stock to reports that the company was planning to invest over 2.5 billion dollars on the country's largest fertiliers plant and expectations of strong earnings for the first quarter.

The company is slated to announce Q1 results on July 28.

RIL stocks remained buyers' fancy for yet another session and climbed Rs 37.60, or almost 2 per cent to close at a record high of Rs 1,941.00. It also touched an intra-session record high of Rs 1,948.

During the session, nearly 8 lakh shares transacted on the company's counter at BSE.

Other stocks such as ONGC rose by Rs 11.70 at Rs 945.95, GAIL by Rs 5.25 at Rs 334.10, Bharat Petroleum Corporation by Rs 3.30 at Rs 317.75, Hindustan Petroleum by Rs 5.65 at Rs 262.35.

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