Sensex surges 520 points on gas price hike, rupee

REUTERS - The BSE Sensex rose more than 500 points while the Nifty gained 160 points as energy firms such as ONGC 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.

After rising sharply in early trade, ONGC shares ended with gains 3.4 percent, while Reliance rose 4 percent. The BSE Sensex and the Nifty ended up around 2.8 percent.