The Sensex is now trading at 17,002, weaker by 48 points and the Nifty is at 5,053, lower by 9 points.
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(Updated at 1120 am)
The markets have recovered lost ground and are trading in the green on the back of strength in IT stocks.
The Sensex is quoting at 17,078, stronger by 29 points, and the Nifty is at 5073, higher by 14 points.
Continuing from the strength seen on the previous day, the IT index is the leading sectoral gainer; quoting higher by 1.5% at 4,901,
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The markets had opened marginally in the negative. The US markets had ended marginally higher and the Asian markets are trading mixed.
The leading Sensex gainers are Wipro (stronger by 1.9% at Rs 645), TCS (higher by 1.7% at Rs 702) and Tata Motors (firmer by 1.5% at Rs 636).
Infosys, Jaiprakash and DLF have added between 1% and 2% each.
Among the top losers, L&T has shed 1.1% at Rs 1,637, Reliance Infrastructure has weakened by 0.8% to Rs 1,178 and Reliance has given up 0.6% and is trading at Rs 2,120.
Hindalco, HDFC and ICICI Bank have lost up to 1% each.
The market breadth is strong. Out of 2,260 stocks traded on the BSE, there are 1,536 advancing stocks as against 656 declines.
Reliance Capital leads the volume charts on the BSE, seeing trades of 1.13 million, followed by Suzlon at 5.26 million, Unitech at 2.20 million, Sesa Goa at 1.40 million and DLF at 1.14 million.
Reliance Capital tops the value charts on the BSE, clocking a turnover of Rs 102 crore, followed by Reliance at Rs 58.70 crore, Sesa Goa at Rs 51.39 crore, Tata Steel at Rs 47.31 crore and DLF at Rs 43.61 crore.