The Sensex has pared most of its gains and is now up 50 points at 9,521. The index had earlier touched a low of 9,430.
Jaiprkash Associates and Tata Power have surged over 3% each to Rs 81 and Rs 713, respectively.
Reliance has rallied 2.8% to Rs 1,492. ACC and Larsen & Toubro have moved up nearly 2% each to Rs 559 and Rs 559, respectively.
BHEL, HDFC Bank and ITC have advanced over 1% eaach to Rs 1,463, Rs 953 and Rs 177, respectively.
Sterlite, Infosys, Reliance Infrastructure and DLF are also up around 1%.
ONGC has plunged 3.5% to Rs 752. NTPC and Bharti Airtel have also shed over 3% each to Rs 177 and Rs 585, respectively.
Tata Motors and Sun Pharma have dropped 2.7% each to Rs 158 and Rs 1,040, respectively.
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Hindustan Unilever has slipped nearly 2% to Rs 235. Mahindra & Mahindra and Ranbaxy have declined 1.5% each to Rs 368 and Rs 162, respectively.
The market breadth is marginally positive - out of 2,362 stocks traded so far, 1,280 have advanced, 985 have declined and the rest are unchanged.