The S&P BSE Sensex pared gains after surging as much as 100 points in trade today.The 50-share Nifty index reclaimed its crucial psychological level of 8,350, but saw selling at higher levels. The index soon retreated and was testing 8,300-level.
Coal India gains as much as 2.2 pct.Stock trades close to its record high of 421.50 rupees hit on June 24.Morgan Stanley raises share price target to 530 rupees from 449 rupees; maintains "overweight" rating.Says company looks much better positioned for growth with low volatility vs rivals in Asia.Adds it is now more convinced about company's volume growth and pricing power.
IT stocks also face the heat of selling pressure. The BSE IT index was down 0.4 per cent; Wipro, HCL Technologies, TCS, OFSS, Infosys, Mindtree, Just Dial and Tech Mahindra were among the losers.
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