Gravity Grabs Bombay Stocks

Bombay stocks surged to a new high early Tuesday but then gave back all but a few points of their morning gains.

The BSE Sensex rose 7 points to close at 11,086 after opening at an all-time intraday high of 11,147. Information technology names like Infosys ( INFY) turned in a strong session, while drug makers and banks slipped.

Infosys rose 2.7%, stoked by news it plans to open another campus in the next 10 years. Oil major ONGC rose 1.8% and software outfit Wipro added 1.7%. Other gainers were Maruti, the largest car maker, HDFC, the largest housing company, and Gujarat Ambuja, one of the leading cement makers.

The biggest loser was engineering giant BHEL, down 2.2%. Big pharma Dr. Reddy's ( DRY) dropped 2% and Tata Power slipped 1.5%. Heavyweights like State Bank of India, Reliance Industries, Hindustan Lever and Tata Consultancy also closed lower.

The Dr. Reddy's selloff touched other pharma stocks, as Cipla fell more than 1% and Ranbaxy shed 0.6%.

IL&FS Investment Managers rose 3.8% on hopes its board will issue a bonus on shares after it meets April 4.

Hindustan Dorr-Oliver rose 5% on reports that the board planned a 5-for-1 stock split.

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

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