Markets steady; REL up 7.4%

 The Sensex is up 2.3% at 16,497 points. The Nifty is up 2% at 4955 points.

 Ranbaxy is up 4.2% at Rs 472, while Cipla is up 3.5% at Rs 202.50. Grasim has gained 3.9% at Rs 2,897.

 Power stocks are attracting investor interest. Reliance Energy is up 7.4% at Rs 1381. Tata Power, ABB and Bhel are also strong. L&T is trading up 5.4% at Rs 3073.

 
Metal stocks such as Tata Steel, Sail and Hindalco have declined further and are trading between 2.6% and 3.5% lower.