Sensex steady; M&M, Tata Steel gain 5%

The Sensex is now up 238 points at 9,310.  Earlier in the day, the index had opened 137 points higher at 9,208, and rallied to a high of 9,388.

Reliance and Infosys have soared over 5% each to Rs 1,138 and Rs 1,295, respectively.

Mahindra & Mahindra (M&M) and Tata Steel have surged 4.8% each to Rs 318 and Rs 212, respectively.

Reliance Infrastructure has rallied 4.3% to Rs 497. Jaiprakash Associates, Sterlite and ONGC have gained 4.5% each at Rs 69, Rs 272 and Rs 652, respectively.

Bharti Airtel and TCS have also moved up 4.5% each to Rs 628 and Rs 541, respectively.

The market breadth continues to remain fairly positive - out of 2,318 stocks traded so far, 1,316 have advanced, 902 have declined and 100 are unchanged.