Sensex, Nifty rise 1%; rupee falls, ITC extends rally

The Sensex gained 324.40 points at 27783.04 and the Nifty surged 88.80 points to 8430.20. Advancing shares outnumbered declining ones by a ratio of 1807 to 697 on the Bombay Stock Exchange.

Telecom stocks like Idea and Bharti Airtel spiked more than 4 percent each. Bank of America Merril Lynch upgraded Idea to a buy with a revised target of Rs 205. MD and CEO Himanshu Kapania of Idea told CNBC-TV18 that a significant jump in debt will be balanced by cash flows.

Shares of ITC, HDFC, Larsen & Toubro, ONGC, Axis Bank and Coal India continued to lead the market higher. However, Reliance Industries, Tata Motors, Hindalco and Tata Power remained under pressure.

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