Sensex up 39pts; IT stocks drop

The Sensex is up 39 points at 16,111. Earlier it touched a high of 16,174.

The Nifty is up seven points at 4,812.

Hindalco has gained 3% at Rs 118. Reliance  and Sterlite have added 2% each to Rs 2,116 and Rs 754, respectively.

BHEL and Tata Steel have advanced 1.5% each to Rs 2,280 and Rs 463, respectively. Maruti Suzuki has moved up 1% to Rs 1,539.

However, Bharti Airtel has slipped 1.3% to Rs 419. DLF, TCS, ITC and Wipro have declined around 1% each.

The market breadth is failry positive. Out of 2,347 shares traded 1,335 have advanced while 923 have declined.