Bombay stocks surged 3% Wednesday, adding to a roller coaster week.The Sensex index rose 344 to close at 12,218. The move came on the heels of a 3.8% selloff Monday in which every stock on the index declined, and a modest gain Tuesday that followed a sharp midday swoon. Gainers Wednesday were SBI, up 7.2%, Tata Steel , up 6.8%, ONGC, up 5.8%, and Tata Motors ( TTM), up 3.5%. Cipla dropped 1.6%, Grasim lost 0.5% and NTPC gave up 0.4%. Aluminum maker Hindalco Industries gained 1.5% on a plan to raise prices. Drug maker Ranbaxy Laboratories rose 2.4% on the news of a licensing agreement with Eurodrug of the Netherlands for asthma product Doxophylline. Lupin added 6.4% on strong earnings.
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