Sensex, Nifty hit two-year high

Markets gain for third consecutive session on rising optimism about corporate profits

The Sensex and the Nifty gained for a third consecutive session on Monday to two-year highs on rising optimism about corporate profits after Reliance Industries and ITC became the latest blue chips to post better-than-expected earnings.

Conglomerate Reliance Industries Ltd posted its first profit increase after four quarters of declining returns, buoyed by improving margins in its core oil refining business, sending its shares to near 19-month high.

The Sensex rose 0.31 per cent, or 62.78 points, to end at 20,101.82, its highest close since January 6, 2011.

The Nifty rose 0.3 per cent, or 17.90 points, to end at 6,082.30, its highest close since January 4, 2011.