Reliance Communications led the gainers in the Sensex index with a rise of 6.9% 507.40 rupees.

Housing Development Finance Corporation led the decliners in the Sensex index with a fall of 4.5% to 2,165 rupees on concerns higher interest rates will slow down demand for housing loans

Metal shares gained. Hindalco Industries rose 2.2% to 147.90 rupees and Tata Steel rose 4.2% to 741 rupees.

Bharat Heavy Electricals surged 3.9% to 1,445 rupees on news reports that it has paid 42.8% higher advance tax at 300 crore rupees in the first installment of this financial year over the corresponding period in the previous year.

Larsen & Toubro increased 0.2% to 2,307 rupees.

Reliance Industries gained 4.1% to 2,149.95 rupees. RIL has reportedly signed a cooperation agreement with UAE-based Crescent Petroleum to jointly undertake projects of mutual interest in the region''s energy sector.

Ranbaxy Laboratories jumped 4.2% to 546.95 rupees after receiving tentative approval from the US Food and Drug Administration for manufacturing and marketing valganciclovir hydrochloride tablets in 450 mg strength.

Oil & Natural Gas Corporation rose 1.7% to 870.10 rupees. The company posted 6.77% rise in net profit to 16,701.65 crore rupees on 6.54% increase in net sales to 64,859.18 crore rupees in the year ended March 2008 over the year ended March 2007.

Maruti Suzuki advanced 3.2% to 700 rupees and Mahindra & Mahindra declined 0.1% to 537 rupees.

ICICI Bank declined 1.2% to 697 rupees, State Bank of India fell 0.5% to 1,206 rupees and Kotak Mahindra Bank declined 2.6% to 525 rupees.