Sensex up 70pts, Ranbaxy gains 2%

The Sensex has shed some gains, but is still up 70 points at 14,721.

Maruti is still up nearly 5% at Rs 779.

Reliance Communications is up nearly 3% at Rs 531.

L&T is steady at Rs 2,255 - up 2.7%.

Ranbaxy has gained over 2% to Rs 363.

Tata Motors, Reliance Energy and BHEL continue to trade with gains.