Markets pare gains

The Sensex has pared most of its gains and is now up 39 points at 16,103.

The Nifty is at 4,777, up 11 points.

Hindustan Unilever and ITC have slipped around 1.5% each to Rs 275 and Rs 249, respectively.

Tata Power and Hero Honda are down over 1% each.

SBI has surged nearly 4% to Rs 2,220.

Jairprakash Associates and Tata Steel have rallied 3.5% each to Rs 225 and Rs 502, respectively.

Reliance Infrastructure has gained 3% at Rs 1,122. DLF has moved up 2.8% to Rs 383.

Sterlite and HDFC are up over 2% each.

The market breadth however continues to remain positive - out of 2,663 stocks traded so far, 1,963 have advanced and 631 have declined.