Sensex up 400 points; RIL, ONGC rise on gas price hike

MUMBAI (Reuters) - The BSE Sensex rose more than 2 percent as energy firms such as Oil and Natural Gas Corp and Reliance Industries rallied after the government approved a hefty increase in gas prices.

Sentiment was also boosted as the rupee gained on Friday, further retreating from a record low hit on Wednesday.

ONGC shares were up 2 percent at 1:20 p.m., while Reliance was up 3 percent.

The BSE Sensex and Nifty were up more than 2 percent each.

(Reporting by Rafael Nam; Editing by Sunil Nair)