Sensex extends gains; ITC rallies 5%

The Sensex has surged 118 points to 8757. The Nifty has gained 33 points at 2642.

ITC has rallied 5% to Rs 136. Grasim at Rs 1,353, HDFC 1,088 and HLL at Rs 177 are up 3% each. ACC, Bharti Tele, BHEL, Cipla, Gujarat Ambuja, ICICI Bank, Infosys, Larsen & Toubro, Maruti, Reliance Industries, Tata Motors, Tata Power, TCS and Wipro are up 1-2% each.

Ranbaxy and Dr.Reddy's are the only notable losers among the Sensex stocks.