Sensex surges 298 pts on gas, energy sector reforms

The S&P BSE benchmark Sensex shot up further by 298 points in late morning trade today following reforms in gas and energy sector coupled with higher global cues.
ONGC, Reliance Industries (RIL) and Oil India surged after the government yesterday agreed to double natural gas prices to industrial and retail consumers, to help fund investment in exploration.
The BSE-30 share index, Sensex, resumed higher at 19,093.18 points and shot up further to 19,174.16 at 1030 hours.
It showed a rise of 298.21 points, or 1.58 per cent, from its last close.
The NSE 50-share barometer Nifty also rose by 98.35 points, or 1.73 per cent, quoting 5,780.70 at 1030 hours.

Major gainers were - ONGC (4.90 pct), Tata Motors (3.22 pct), Coal India (3.17 pct), RIL Ind (3.02 pct), BHEL (2.67 pct), Gail India (2.34 pct) and Larsen (2.20 pct).

Asian stocks edged higher in their early trade, tracking an overnight rise in global equities on easing fears of an early end to US monetary stimulus.
Key benchmark indices in Hong Kong, Indonesia, Taiwan, Singapore, China and South Korea were up by 0.57 to 1.6 per cent.
In Japan, the Nikkei 225 index jumped 3.29 per cent as a weakened yen combined with upbeat industrial-production data to lift sentiment.
US stocks rallied for a third session yesterday on upbeat economic data and reiterations from Federal Reserve officials that monetary policy depends on the economic outlook.