BSE Sensex gains over 300 points

MUMBAI, June 24 (Reuters): The BSE Sensex rose over 1 per cent on Tuesday, snapping a four-day losing streak as blue-chips such as Reliance Industries gained on continued hopes of reforms while a fall in crude oil prices also helped.
Brent crude slipped below $114 a barrel on Tuesday, as data showing near-record high oil exports from Iraq indicated supplies remained unaffected by the escalating violence at OPEC's No 2 producer.
India imports a third of its oil needs and there were concerns that rising crude prices may feed domestic inflation.
Firm cues from regional markets also underpinned sentiment as improved manufacturing data from China, Japan and the United States augured well for global growth, despite a disappointing result from the euro zone.
The next big local trigger would be the first budget of the new government, due on July 10.
"We are very optimistic the government will create a better policy environment which will boost investor confidence. Market is basically wanting action and are awaiting it. There was selling in the past couple of days, but the undercurrent remains positive," said Deven Choksey, managing director, KR Choksey Securities.
The benchmark BSE Sensex gained 1.35 per cent to 25,368.90 points, while the broader Nifty closed 1.16 per cent up at 7,580.20 points.
Oil explorers led the gains with Reliance Industries Ltd up 2.11 per cent and Oil and Natural Gas Corp ending 1.2 per cent higher on falling crude prices.
Shares in state-run oil marketing companies also gained on hopes that a fall in international crude prices would increase margins for these companies.
Shares in Indian Oil Corp closed up 4.46 per cent, Hindustan Petroleum Corp Ltd gained 7.22 per cent and Bharat Petroleum Corp Ltd ended up 4.69 per cent.
Shares in airline companies also gained with Jet Airways closing 6.55 per cent higher while SpiceJet gained 10 per cent on lower crude prices.
Some of the recent underperformers such as ITC Ltd, gained 1.8 per cent, reversing Monday's 6.2 per cent fall.
Among other blue chips, State Bank of India gained 2.4 per cent and Gail India Ltd ended 4.63 per cent higher.
However, software exporters fell. Infosys Ltd closed down 0.89 per cent, while HCL Technologies ended 0.22 per cent lower.