Markets off day's high

Markets have pared gains. The BSE Sensex is now up just 97 points at 16,150. The Nifty is up 45 points at 4,796.
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(Updated at 1138 hrs)

The markets are off the days high and are now moving sideways. The Sensex is up 226 at 16,279.

The Nifty is up 82 points at 4,833.

Sterlite has surged 7% to Rs 797. Hindalco has rallied 5% to Rs 127. Tata Steel has gained 4% at Rs 488.

Grasim and SBI ahve added 4.5% each to Rs 2,236 and Rs 2,230, respectively.

Jaiprakash Associates, LF, Mahindra & Mahindra, ICICI Bank, Maruti Suzuki and Tata Motors have advanced 2-3% each.

The other top gainers in the Sensex today are HDFC bank, ACC, Hero Honda and HDFC.

Meanwhile, Bharti Airtel and Reliance Communications continue to be weak. The former has dipped 3% to Rs 303 while the latter is down 2% at Rs 186.

Tata Power and Reliance have declined 1.6% each to Rs 1,971 and Rs 1,380, respectively.

The market breadth remains fairly positive. Out of 2,363 stocks traded 1,807 have advanced while 504 have declined.