The Sensex after touching a low of 8,883, has rebounded into the positive zone and is now up 40 points at 8,984. Earlier in the day, the index opened flat at 8,942.
Technology stocks continue to remain a major drag on the index. The BSE IT index has recovered from the day's low, but is still down 1% at 2,154. Metal and Realty indices however have gained 2% and 1.7%, respectively.
Reliance Communications and Hindalco have surged nearly 3.5% each to Rs 162 and Rs 44, respectively.
ICICI Bank has rallied nearly 3% to Rs 332. Tata Steel has gained 2.3% at Rs 173, and Maruti has added 2% to Rs 713.
NTPC has moved up nearly 2% to Rs 174. ITC and Bharti Airtel are up around 1.55 each at Rs 173 and Rs 581, respectively.
TCS has slumped 3% to Rs 504. Wipro and Infosys have slipped around 1.5% each to Rs 224 and Rs 1,270, respectively.
Hindustan Unilever and Tata Motors have shed 1.7% each at Rs 232 and Rs 164, respectively.