New Delhi: The Bombay Stock Exchange benchmark Sensex on Thursday bounced back on buying by funds after Reliance Industries said it would merge IPCL with itself and closed above 13,000 mark.
At 1610 hrs IST, the Sensex was up 497.29 points or 3.95 per cent at 13077.04, and the Nifty was up 140.20 points or 3.87 per cent at 3767.05.
About 1603 shares have advanced, 845 shares declined, and 55 shares are unchanged.
The rally was led by market-heaviest Reliance Industries on its plans to merge its subsidiary IPCL to improve the shape of its balance sheet.
The market sentiment was also boosted by Prime Minister Manmohan Singh's statement at a conference in New Delhi that more public sector companies would be listed.
A firm Asian stock market trend was another positive factor for the market.
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