Sensex up 554pts; ONGC gains 5%

The Sensex is now up 554 points at 16,223.

HDFC has zoomed 7.3% to Rs 2,341, and HDFC Bank has soared 6% to Rs 1,303.

Maruti has surged 5.5% to Rs 924. ONGC has gained 5% at Rs 894.

Mahindra & Mahindra and Bharti Airtel have rallied 4.8% each to Rs 743 and Rs 872, respectively.

Tata Motors, SBI, Reliance and ICICI Bank have advanced around 4% each to Rs 726, Rs 1,764, Rs 2,140 and Rs 961, respectively.

Tata Steel and Reliance Communications have moved up 3.6% each to Rs 737 and Rs 557, respectively. Bajaj Auto has added 3.3% to Rs 2,481.

Infosys, Reliance Energy, ACC, Satyam, Grasim and TCS are the other major gainers.

Out of 2,790 stocks traded so far, 1,682 have advanced, 1,036 have declined and 72 are unchanged.