Sensex pares gains, up 75pts; Cipla soars 4%

The Sensex has pared gains and is now up 75 points at 12,773. The index had touched a high of 12,902 in the opening trades this morning.

Cipla has surged 3.8% to Rs 230. Reliance Communications, Dr.Reddy's and Larsen & Toubro have rallied nearly 3% each to Rs 413, Rs 638 and Rs 1,466, respectively.

ICICI Bank, Tata Motors, HDFC Bank, Bajaj Auto and Reliance are up around 1% each at Rs 863, Rs 736, Rs 945, Rs 2,498 and Rs 1,311, respectively.

Gujarat Ambuja has plunged 5% each to Rs 108. ACC has slumped over 3% to Rs 827.

ITC has dropped 2% to Rs 159.

The market breadth has turned negative - out of 2,214 stocks traded so far, 1,151 have declined, 996 have advanced and 67 are unchanged.