The Sensex has rebounded sharply and is now down 67 points at 16,714.
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(Updated at 1345 hrs)
The Sensex is quoting at 16,640, down 138 points and the Nifty is at 4,937, lower by 47 points.
Tata Steel, Sterlite and Hindalco have dropped 3.3%, 2.8% and 2.7% to Rs 496, Rs 740 and Rs 125 each.
On the other hand, Sun Pharma has gained 28% to Rs 1,260. ONGC has added 0.8% to Rs 1,158 and ITC has added 0.4% to Rs 233.
The market breadth is positive. Out of 2,732 stocks traded, 1515 have advanced and 1116 have declined.