Sensex pares gains; Hindalco up 4%

The Sensex has pared most of its gains and is now at 16,398, up 42 points. The Sensex has come off nearly 160 points from its day's high of 16,526. The NSE Nifty is at 4,907, up seven points.

Among the sectoral indices, metal index has advanced 2% to 16,565.

Hindalco has gained around 4% at Rs 155. Sterlite and Tata Steel have advanced over 2.5% each to Rs 776 and Rs 592, respectively.

DLF, HDFC, TCS, Tata Motors, ACC, TCS, Grasim and HDFC are up 1.5% each.

NTPC has declined 1.5% to Rs 208 on pricing disappointment. The company yesteday announced the floor price for its follow on public offer at Rs 201.

HDFC Bank and Jaiprakash Associates are down 1% each at Rs 1,584 and Rs 140, respectively.

The market breadth is positive, out of 2,402 shares traded, 1,907 have advanced and 438 have declined so far on the BSE.