Sensex up over 350 points; gas price hike, rupee help

Reuters Market Eye - The BSE Sensex extended gains to 2 percent or 390 points, marking a second session of strong gains, as energy shares surge after the government's approval of a hefty increase in gas prices.

The Nifty is trading up 114 points or 2 percent.

Both indexes are headed towards their first weekly gain in four weeks.

Oil and Natural Gas Corp is up 1.8 percent and Reliance Industries gains 2.95 percent. Oil India falls 2.8 percent.

Blue chips such as ITC gains 2.4 percent on value buying after recent share price losses were seen as overdone.