BSE Sensex rallies to record high; Sun Pharma surges

MUMBAI (Reuters) - The BSE Sensex hit a record high on Wednesday, surpassing previous all-time highs hit just last week as Sun Pharmaceutical Industries surged on broker upgrades after it agreed to acquire Ranbaxy Laboratories in a $3.2 billion deal.

The Sensex rose as much as 1.6 percent to an all-time high of 22,703.58, surpassing its previous all-time high hit on April 3. The Nifty rose as much as 1.5 percent to a record high of 6,797.40.

Sun Pharmaceutical gained 7.1 percent while Ranbaxy shares also rallied 5.1 percent.

(Reporting by Abhishek Vishnoi; Editing by Joyjeet Das)