The Sensex has pared gains and slipped back into red. The index is now down 13 points at 8,414.
Sterlite has surged 5% to Rs 250.
Reliance Infrastructure, Hindalco and Tata Steel have rallied around 3.5% each to Rs 453, Rs 39 and Rs 161, respectively.
TCS and Jaiprakash Associates have moved up 3% each to Rs 459 and Rs 65, respectively.
ONGC and Grasim have gained 2.5% each at Rs 665 and Rs 1,395, respectively.
HDFC Bank has moved up 1.7% to Rs 845. Wipro and Ranbaxy have added 1.3% each to Rs 203 and Rs 159, respectively.
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ICICI Bank has plunged over 3% to Rs 287, and HDFC has shed 2.7% at Rs 1,168.
BHEL has dropped 2.3% to Rs 1,333.
The market breadth is marginally negative - out of 2,390 stocks traded so far, 1,304 have declined and 974 have advanced.