Sensex pares gains, up 38pts

The Sensex has pared most of its gains and is now up 38 points at 14,202. The index had touched a high of 14,316.

Reliance Energy and Tata Motors have rallied around 2% each to Rs 721 and Rs 634, respectively. ONGC has surged 1.7% to Rs 797.

Hindalco, SBI and BHEL have rallied around 1.5% each to Rs 141, Rs 1,435 and Rs 1,685, respectively.

Tata Steel, ITC, Mahindra & Mahindra and Ranbaxy are the other major gainers.

HDFC Bank has slipped over 1% to Rs 1,088.