Sensex surges 265 points on SEBI, FinMin remarks; ICICI Bank leads rally

Generics drug maker Ranbaxy Laboratories continued its poor run, dropping 3.17 percent to Rs.247.75.

Other losers were Grasim Industries (down 2.58 percent at Rs.1687.60), Tata Power (down 1.31 percent at Rs.906.05), ITC (down 1.31 percent at Rs.188), Hindustan Unilever (down 1.16 percent at Rs.251.55), Sterlite Industries (down 1.02 percent at Rs.428.45), Wipro (down 1.01 percent at Rs.339.65) and Reliance Infrastructure (down 0.45 percent at Rs.790.30).

Among the sectoral indices, all the counters closed in the green except Metal (down 1.66 percent) and FMCG (down 0.86 percent). The best performing counter was Bankex (up 4.92 percent).

The BSE Midcap and Smallcap indexes closed 1.46 percent and 0.44 percent higher at 4798.29 and 5577.47 respectively.

The market breadth was slightly negative as 1316 shares declined, 1277 shares advanced and 79 shares closed unchanged.

Elsewhere, the broader 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) rose 1.85 percent or 71.15 points to close at 3921.20.