Reliance help market recoup losses

The Sensex rose the most in more than a week. Reliance Industries led advances.

Reliance, the country's biggest company, gained 5 per cent, the most since February 14, after newspaper reports that it was in talks with the UK's Marks & Spencer Group to form a venture for selling clothes. A rise in crude oil prices for a second day also helped Reliance, which owns the world's third largest refinery.

The Sensex, which fell 4.2 per cent last week, climbed by 301.50 points, or 1.7 per cent, to 17,650.57, after falling as much as 1.2 per cent. Five stocks fell for every two that rose on the exchange. Eleven out of 13 industry indexes recorded gains. The Nifty advanced 89.95 points, or 1.8 per cent, to 5,200.70.

Reliance advanced by Rs 121.9 to Rs 2,551.7. Crude oil rose to $99.70 in New York as tensions over Iran's nuclear ambitions and border clashes in Iraq raised concerns of supply disruptions from the neighbours that make up about a fifth of OPEC's output.

Oil & Natural Gas rose by Rs 15.45, or 1.6 per cent, to Rs 1,013.45. HDFC Bank, which agreed to acquire Centurion Bank of Punjab, fell by Rs 52.25, or 3.5 per cent, to Rs 1,422.70. Centurion Bank declined the most in more than a month, weakening by Rs 8.15, or 14.5 per cent, to Rs 48.25.