Sensex surges over 300 points; blue-chip stocks rise

MUMBAI (Reuters) - The BSE Sensex rose nearly 2 percent on Wednesday on value buying in blue chip stocks after a fall of nearly 4 percent on Tuesday was seen as overdone, while IT shares surged on improving business outlook.

A sharp recovery in the rupee after suspected heavy dollar selling by the RBI was also seen helping the shares.

Among recently beaten down blue chip shares, Reliance Industries Ltd provisionally closed up 3.9 percent, while Tata Consultancy Services Ltd ended 3.3 percent higher after making its all-time high at 2,078.80 rupees.

The benchmark BSE index <.BSESN> rose 1.8 percent, while the broader Nifty <.NSEI> was up 2 percent.

 

(Reporting by Abhishek Vishnoi; Editing by Subhranshu Sahu)