Bombay Stocks Close Higher

Bombay stocks rose modestly Wednesday, as gains in power and finance names overshadowed a selloff in

Dr. Reddy's

(RDY)

.

The BSE Sensex opened rose 56.21 to close at 10224.32.

The top gainer on the BSE Sensex was thermal power major

NTPC

, which rose 5.4% after S&P assigned BB-plus rating for its proposed $300 million 10-year medium term note issue.

The other gainers were

HDFC

, the leading housing finance company, which gained 3.5%, and

Ranbaxy

, a generic pharmaceutical company, which added 3.1%.

Exploration and production major

ONGC

gained 1% after it joined up with Itera, Russia's second largest gas company, to bid for TNK-BP's Russian oil unit, Udmurtneft.

Media publishing house

Cybermedia

gained 4.8% on reports that the media company has acquired 20% stake in Sx2 Media Labs, a new company formed by David Sills and Stoneybrook Capital.

A pharmaceutical company,

Strides Arcolab

, gained 1.2% on the news that Goldman Sachs hiked its stake in the Bangalore-based company.

The major losers included Dr. Reddy's, India's third-biggest drugmaker. It dropped 2.3%, reversing Tuesday's gains.

Larsen & Toubro

, an engineering and construction company, slipped 1.3% and

Bajaj Auto

dropped 1.1%.

This story was created through a joint venture between TheStreet.com and IRIS.