Sensex closes 303 points higher, Nifty at 10,582

Key indices on Monday closed on a positive note. The benchmark BSE Sensex closed higher by 303.60 points, or 0.89%, to 34,445.75, while the Nifty 50 rose 91.55 points, or 0.87%, to closed at 10,582.60.

Shares of Reliance rose 3.17% to Rs469.25 after the company said it has won an arbitration award of Rs292 crore against Government of Goa.

It said the need for arbitration arose due to prolonged non-payment of dues by the state government towards supply of electricity by RInfra from its 48 MW Goa Power Plant in Sancoale.

"RInfra has won an arbitration award of Rs 292 crore against Government of Goa. The Arbitration Tribunal, in its award on February 16, 2018, has ordered Government of Goa to pay Rs 292 crore to Reliance Infrastructure Limited by April 15, 2018," the company said in a statement.

Meanwhile, the Reserve Bank of India today fixed the reference rate of the rupee at 64.6639 against the US dollar and 79.6983 for the euro.

The corresponding rates were 64.8227 and 79.7643, Feb 23.

The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 90.6523 and 60.69 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.