Sensex jumps over 1 pct on insurers buying

MUMBAI (Reuters) - The BSE Sensex and Nifty rose more than 1 percent on Monday to mark a third consecutive day of gains as buying by insurers supported blue-chips such as HDFC Bank, while higher Asian shares and hopes of progress on key reforms underpinned the broader market.

Prime Minister Narendra Modi may consider using an executive order to push through laws overhauling the insurance and coal sectors, if the increasingly fractious parliament fails to pass them soon, two government officials said on Friday.

Still, investors bought into defensive shares such as ITC Ltd in a reflection of concern in markets about volatility until the end of the year, with foreign investors selling nearly $1 billion in stocks over nine consecutive sessions.

The BSE Sensex rose 1.21 percent to end at 27,701.79, and the Nifty gained 1.2 percent to close at 8,324, marking their highest close since Dec. 10.

(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)