Bombay Stocks Rise Again

Bombay stocks rose for the seventh time in eight days Tuesday, settling at another high.

The BSE Sensex closed 74 points higher at 11,638 after earlier touching 11,711. Both marks are highs for the index, which has surged 75% over the past year.

The top gainer was

HDFC Bank

, which rose 7.6%, followed by pharma giant

Ranbaxy

, up 3.5%. Tobacco giant

ITC

gained 2.3%.

Momentum briefly stalled at midday before a late spurt pushed the Sensex back above 11,600. Banks

ICICI

and

SBI

led the rally, along with oil major

Reliance

, tech titan

Infosys

(INFY) - Get Report

and consumer products outfit

Hindustan Lever

.

Sensex losers included oil major

ONGC

, down 2%, and construction players

Grasim Industries

, down 1.7%, and

Gujarat Ambuja

, off 1.3%.

Auto stocks dropped.

Tata Motors

lost 1%,

Bajaj Auto

slipped 0.7% and

Hero Honda

fell 0.1%.

Mphasis

slipped 1.8% as CEO Jerry Rao denied he was leaving.

IL&FS Investment Managers

rose 5% on reports that the company approved a bonus share issue.

Strides Arcolab

gained 1.6% on the news that an Akorn venture submitted its first abbreviated new drug application with the Office of Generic Drugs.

Bharat Heavy Electricals

rose 1.5% after it posted a 70% profit gain for the year.

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