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
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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.
