Sensex up 426 pts, HDFC Bank up 6.7%

 The Sensex was trading 426 points higher at 16,550 points. The Nifty was up 2.4% at 3983 points.

 
Rural Electricification Corporation got listed on Wednesday, and is trading at Rs 124, about 18% higher than its issue price.

 HDFC Bank is up 6.7% to Rs 1422, while ICICI Bank has gained 5.5% at Rs 904.

 Reliance Energy is up nearly 8% at Rs 1388. Larsen & Toubro is a strong gainer at Rs 3,073, up 5.4%.

 
The other major gainers is Unitech, up nearly 12% at Rs 316.50.

 Other power sector stocks such as Tata Power, Bhel and ABB are all trading strong.

 Tata Steel is down 1.2% at Rs 819, while Ambuja Cements has declined 0.8% to Rs 125.35.