Sensex up 316pts; Tata Steel soars 6%

The Sensex is now up 316 points at 16,924.

The NSE Nifty has moved up 85 points to 4,923.

Tata Steel has zoomed over 6% to Rs 754. HDFC Bank and ITC have soared over 4.5% each to Rs 1,464 and Rs 193, respectively.

BHEL and HDFC have surged over 4% each to Rs 1,956 and Rs 2,730, respectively.

Reliance has gained 3.3% at Rs 2,401. ACC has added 3% to Rs 740.

SBI has moved up 2.7% to Rs 2,112, and Tata Motors has advanced 2.3% to Rs 709.

Bajaj Auto and Cipla have tumbled around 3% each to Rs 2,005 and Rs 181, respectively.

Wipro has shed 2.7% at Rs 411. Reliance Communications has slipped 1.8% to Rs 565, and Infosys is down 1% at Rs 1,530.

The market breadth is fairly negative - out of 2,672 stocks traded so far, 1,925 have declined, 706 have advanced and 41 are unchanged.