It is not just wishful thinking. Many wellwishers in the government and the polity too are advising the brothers against prolonging the fight and put away the court battle to smoke the peace pipe and leave behind ugly memories of 2008.

"Let's keep our fingers crossed," a Cabinet Minister, who did not want to be named, said when asked if he saw a rapprochement between Mukesh and Anil, whose fight inside and outside the courts intensified during the year gone by.

Marketmen say millions of shareholders of Reliance, most of whom are associated with the group from the days of Dhirubhai Ambani, are wishing for a family reunion that was fuelled by the reported handshake between Mukesh and Anil at BJP's Prime Ministerial candidate L K Advani's residence.

After grabbing the top positions in wealth creation for investors till 2007, the two groups ended among the platforms for biggest losses during 2008 and the outlook for the new year also does not appear too bright.

The year saw the rivalry between the two reaching new levels with Mukesh-led Reliance Industries allegedly putting a spanner in Anil-led Reliance Communications' plan to merge with South African telecom major MTN, Anil Ambani filing a Rs 10,000 crore defamation suit against Mukesh and court battle over gas dispute between them making no headway.

Their cut-throat rivalry is seen as the biggest roadblock in the growth trajectory ahead for the two groups.

Some market observers believe that probability is almost nil for a truce, others actually see a possibility, but almost all believe that it would be the ultimate gain for the investors if they ever call it quits.

"My wish list for investors' benefit is topped by a truce between the Ambani brothers. Investors have seen it all and the warring brothers have seen wealth destruction. It is time for them to call a truce," brokerage firm SMC Global's Vice President Rajesh Jain said.

Ashika Stock Brokers' Research Head Paras Bothra also agreed. "In one word, it would be positive for investors.

However, considering the present situation, it does not seem likely," he said.

Some others see quite a possibility of the two brothers breaking the bread together. "One should not rule out any possibility, especially after the Bajaj brothers having reached a kind of settlement," Kejriwal Research and Investment Services' Arun Kejriwal noted.

"There is a possibility. Nothing can be ruled out keeping in mind the investors' expectations," he said.

"If the merger between the two happens at all, they will emerge as a stronger conglomerate and will be a booster for investors' sentiments," Bothra noted.

Ashika Stock Brokers' Bothra noted that the two brothers might call it a truce, but the overall business merger under one single umbrella was unlikely.

However, not all see the possibility of Mukesh and Anil smoking the peace pipe. "The situation is hypothetical and theoretical in nature and can only happen in a fiction movie," Nexgen Capital's Equity Head Jagannadham Thunguntla said.

On an optimistic note, Thungutla noted, "However, if this happens, both the brothers can concentrate...their productive energy together operating with each other."

"The groups have evolved considerably since the days of demerger (in 2005) and it is much bigger than the size of Reliance during Dhirubhai Ambani. So, if at all this happens, it would be a good thing for the shareholders," he added.

SMC Global's Jain noted that Reliance Industries, which holds the maximum weightage in Sensex, is under performing.

"My wish list would be that both brothers become one and expand the business, with intention once taken up by Dhirubhai Ambani -- that is investors' benefit."

"Let's wish to see during 2009 a handshake, which would be brotherly and not just the media hype," he added, referring to the reported 'great handshake' at Advani's residence.

Ambani Vs Ambani battle was once again one of the biggest corporate fights during 2008, even after over three years of their family settlement to divide the Reliance empire.

At the same time, the two groups were among the worst sufferers of the stock market in 2008, after emerging as biggest gainers in the previous year.

In their sharp plunge during 2008, the two groups saw their market capitalisation falling by about Rs 5,00,000 crore -- more than half of the level at the end of 2007 when they were collectively valued at over Rs 8,00,000 crore.

Separately, the Mukesh Ambani group's three entities together lost about Rs 3,00,000 crore from more than Rs 5,25,000 crore at the end of 2007. The six listed companies of Anil Ambani group has seen a market value erosion of about Rs 2,00,000 crore from over Rs 3,00,000 crore as at 2007-end.

Nextgen Capital's Thunuguntia said, "Reliance group over the past four decades has created enormous investor wealth.

Hence, the group stocks have become prime picks in portfolios of all investor classes ranging from hedge funds, FIIs, mutual funds, HNIs and even retail."