BSE Sensex surges 371 pts to cross 21,000-mark, Reliance Industries share price jumps on gas price hike

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BSE Sensex soars a day after US Fed taper caused it to drop on quantitative easing start. Reuters BSE Sensex soars a day after US Fed taper caused it to drop on quantitative easing start. Reuters
SummaryBSE Sensex surged as Reliance Industries share price jumped on govt nod to gas price hike.

free loan to cash-starved sugar millers to pay sugarcane farmers. Shakti Sugar shot up by 7.84 per cent, Dhampur Sugar Mills Ltd by 1.97 per cent and Shree Renuka Sugars Ltd by 1.01 per cent were among major gainers.

Across the market, 14 stocks in Group A, including Infosys, JSW Steel, Lupin, Maruti and Wipro, hit 1-year highs.

However, the rupee was last trading almost flat at 62.15 against the US dollar - Rupee rose 10 paise to close at 62.04.

HIGHLIGHTS

* BSE index gains 1.79 pct; NSE ends 1.74 pct higher

* Reliance Industries surges after govt allows gas price hikes

* Infosys close to getting biggest weighting in BSE index

* Foreign investors buy Indian shares day after Fed tapering

Indian shares post biggest single-day gain in nearly a month; Reliance Industries rallies

(Reuters) Indian shares gained nearly 2 percent on Friday to mark their biggest single-day gain in nearly a month as Reliance Industries surged after the government allowed it to charge higher prices for gas from April.

Software services exporters also rallied after Accenture Plc said it expects its consulting business to turn the corner as orders rise, building on strength in its outsourcing unit while reporting better-than-expected quarterly results.

Shares had fallen on Thursday after the Federal Reserve's decision to start a limited reduction in bond purchases sparked fears of foreign investor selling, like the one in summer when markets were roiled by similar fears.

However, overseas investors bought 22.64 billion rupees ($364.4 million) worth of Indian shares on Thursday.

Foreign investors' strong buying this year, totalling more than $18 billion in net investments, has been key to the stock market's performance and was behind the indexes' surge to record highs on Dec. 9.

"Indian markets have always been very dependent on foreign flows for continuation of the uptrend. My apprehension, however, is what would happen to

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