Sensex gains; oil and gas stocks surge

Reuters Market Eye - The BSE Sensex is up 0.53 percent and the broader Nifty higher 0.48 percent, led by gains in oil and gas stocks.

Reliance Industries gains 1.8 percent on value-buying after falling 2 percent on Tuesday after Delhi chief minister ordered an investigation into company Chairman Mukesh Ambani and policymakers over gas pricing.

Bharat Petroleum Corporation gains 2.1 percent on optimism ahead of its December-quarter results later in the day.

Among other oil and gas companies, Oil and Natural Gas Corporation gains 2.5 percent while GAIL (India) is up 2.1 percent.

(Reporting by Abhishek Vishnoi)