Sensex up 242pts; Tata Steel gains 3%

The Sensex touched a high of 16,779, and is now up 242 points at 16,723.

The NSE Nifty is up 74 points at 5,032.

Wipro has surged 3.5% to Rs 475. Jaiprakash Associates and Tata Steel have rallied around 3% each to Rs 224 and Rs 735, respectively.

Grasim, Bharti Airtel and HDFC have advanced over 2.5% each to Rs 2,637, Rs 845 and Rs 2,551, respectively.

Larsen & Toubro and TCS have gained over 2% each to Rs 2,841 and Rs 1,022, respectively.

Hindalco, DLF and Ranbaxy are up 1.7% each at Rs 190, Rs 660 and Rs 488, respectively.