BSE Sensex surges more than 300 points; RIL gains

Reuters Market Eye - The BSE Sensex rose more than 300 points on value buying in blue chip stocks after a fall of nearly 4 percent on Tuesday was seen as overdone.

Among recently beaten down blue chip shares, Reliance Industries Ltd gains 3.9 percent while ICICI Bank Ltd is up 3.4 percent.

IT shares surge on improving business outlook and rupee depreciation, dealers say.

Infosys Ltd gains 3.3 percent while Tata Consultancy Services Ltd is up 3 percent.

The broader Nifty is up 1.84 percent while the benchmark BSE Sensex gains 1.75percent at 1132 IST.

(Reporting abhishek.vishnoi@thomsonreuters.com /; abhishek.vishnoi.thomsonreuters.com@reuters.net)