Sensex up 389pts; Ranbaxy soars 7%

The Sensex is now up 389 points at 10,396.

Ranbaxy has soared nearly 7% to Rs 348. Hindalco and Tata Steel have surged nearly 6% each to Rs 164 and Rs 485, respectively.

ICICI Bank, SBI and Reliance Communications have rallied over 5.5% each to Rs 493, Rs 728 and Rs 251, respectively.

HDFC Bank, Reliance Energy, Satyam and ITC have gained around 5% each at Rs 734, Rs 432, Rs 689 and Rs 176, respectively.

Out of 2,394 stocks traded so far, 1,396 have advanced, 918 have declined and the rest are unchanged.