Mumbai: Stock market benchmark Sensex today rallied 306 points to settle at its highest level in more than two months, buoyed by the end of the regulatory dispute over ULIPs and China's move to make the yuan more flexible. The 30-share barometer of the Bombay Stock Exchange, which fell marginally on Friday following a seven-day winning streak, recovered smartly on aggressive purchasing in metal and financial stocks to finish at 17,876.55, up 305.73 points, or 1.74 per cent. The chart showing the 52 week performance of Sensex is on the left. This is the best closing of the Sensex since April 9. The bellwether opened on a strong note, tracking firm global cues, and never looked back. During the session, the Sensex breached the 17,900 level, but ended slightly below that mark. Likewise, the Nifty Index of the National Stock Exchange ended 1.72 per cent higher at 5,353.30 points. China's announcement that it would let its currency gain against the US dollar triggered a rally in markets across the globe. In Asia, Hong Kong's Hang Seng Index gained over 3 per cent and was the best performer. China's Shanghai index surged by 2.90 per cent and Japan's Nikkei jumped 2.43 per cent. At mid-session, European markets were also higher.