Sensex pares gains, up 319pts

The Sensex has pared some gains and is now up 319 points at 10,326.

Ranbaxy and Tata Steel have surged over 6.5% each to Rs 348 and Rs 489, respectively. ICICI Bank has advanced nearly 6% to Rs 494.

ICICI Bank, Reliance Energy and Hindalco have rallied around 5.5% each to Rs 494, Rs 434 and Rs 164, respectively.

Out of 2,407 stocks traded so far, 1,405 have advanced, 925 have declined and the rest are unchanged.