Sensex gains nearly 2 percent; RIL, lenders surge

MUMBAI (Reuters) - The BSE Sensex and the Nifty snapped a three-session losing streak to gain nearly 2 percent on Friday, after Reliance Industries surged on hopes a key block held higher oil reserves while lenders rallied after easing wholesale inflation raised hopes for rate cuts.

Reliance Industries provisionally rose 3.4 percent, while ICICI Bank ended 3.1 percent higher.

The BSE Sensex provisionally gained 1.87 percent, while the 50-share Nifty ended up 1.92 percent, marking the biggest single-day gain since May 15.

(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)