Markets pare gains, Sensex up 30pts

The markets have given up gains sharply in the last one-hour or so. The Sensex from a high of 16,766, is now up 31 points at 16,532.

The NSE Nifty is up 12 points at 4,958.

The markets pared gains after the European markets began to slide despite a positive start. The CAC and FTSE are trading in the negative zone at 1315 hrs, despite gaining over 1% each in opening deals. The DAX is now up just 10-odd points.

Among the Sensex stocks - Tata Motors, which now trades at ex-split adjusted price, has plunged nearly 4% to Rs 141 after its CEO resigned. Hindustan Unilever is the other prominent loser.

Most of the index stocks have now pared considerable gains, JP Associates continues to top the gainers list, up over 2% at Rs 66.50. TCS, DLF, Bajaj Auto, Wipro, Infosys and Cipla are the other major gainers.

The BSE IT index is now up 1.5% at 4,861. The Realty and Power indices too are up 1% each.
 
The market breadth remains positive - out of 2,730 stocks traded so far, 1,627 have advanced, and 1,002 have declined on the BSE.