Sensex up 216pts; Tata Steel gains 5%

The Sensex is now up 216 points at 16,697.

The NSE Nifty is up 69 points at 5,028.

Tata Steel has soared 4.5% to Rs 748, and Jaiprakash (JP) Associates has surged 4% to Rs 226.

HDFC Bank has rallied over 3% to Rs 1,440. Wipro, Ranbaxy and Grasim have gained 2.7% each at Rs 472, Rs 493 and Rs 2,637, respectively.

Hindalco and Larsen & Toubro have moved up around 2.5% each to Rs 191 and Rs 2,848, respectively.

Maruti, Bharti Airtel and TCS are up nearly 2% each to Rs 775, Rs 839 and Rs 1,020, respectively.