Markets have recovered from its low. The Sensex after touching a low of 16,908 is now down 53 points at 16,947.
The Nifty is down 27 points at 5,061.
The IT index has dropped 1% to 5,224. However, the realty and consumer durables indices have managed to hold gains.
Infosys has slipped 1.3% to Rs 2,623. Hero Honda and Mahindra & Mahindra have dropped 1% each to Rs 1,783 and Rs 1,067, respectively. Hindalco has shed 1% at Rs 169.
Meanwhile, DLF has gained 2.5% at Rs 306.
Grasim and Reliance Communications have added 1% each to RS 2,781 and Rs 1,012, respectively.
The market breadth is marginally positive. Out of 2,463 stocks traded, 1,341 have advanced while 1,019 have declined.