BSE Sensex up 1.7 percent as Reliance stock surges

On Monday, the Sensex opened up 1 percent at 17,524, but fell as much as 1.2 percent to 17,138, dragged down by weak global cues and concerns over the economic slowdown in the US.

However, a strong rally by Sensex heavyweight, Reliance Industries Ltd (RIL), pulled the Sensex up to a high of 17,674 and helped it to finally settle at a comfortable level.

Reliance Industries, which accounts for about 15 percent of the main index, added 5 percent to Rs.2,551.70 on strong buying by institutional investors.

India's largest private sector bank, the ICICI Bank recovered from early falls to close almost 1 percent up at Rs.1,110.05, while State Bank of India (SBI) ended 0.6 percent up at Rs.2,127.55.

Reliance Power, which made a dismal debut early this month, rose 8.1 percent on Monday to its highest close at Rs.450.40 after the company announced a 3-for-5 bonus share issue to boost shareholders' confidence.

Parent company Reliance Energy moved up nearly 4.5 percent to Rs.1,623.

Maruti Suzuki and Wipro rallied over 4 percent each to Rs.798 and Rs.440, respectively.

NTPC and Satyam gained 2.7 percent each at Rs.203 and Rs.450, respectively.

Hindalco and Ranbaxy moved up 2.5 percent each to Rs.197 and Rs.420, respectively.