Sensex rebounds into positive

The Sensex has rebounded into the positive zone and is now at 16,357, up 48 points. The NSE Nifty is at  4,881, up 14 points.
_________________________________________________

(Updated at 1357hrs)

The Sensex has erased most of its losses and is closer to the positive zone. The index touched a high of 16,286, up 304 from the day's low. The Sensex is now at 16,246, down 60 points from the previous close. The NSE Nifty is at 4,849, down 18 points from the previous close

ICICI Bank is the top gainer on the Sensex, up 4% at Rs 819 and BHEL has advanced 3% to Rs 2,412, respectively.

ACC, HDFC, DLF and Grasim Industries are firm, up 1% each.

Wipro is the major loser on the Sensex, down 4.5% at Rs 642. Hindalco, Tata Motors and Hindustan Unilever have declined around 3.5% each to Rs 143, Rs 693 and Rs 246, respectively.

Infosys, TCS and Bharti Airtel are down 2% each at Rs 2,435, Rs 724 and Rs 308, respectively.

The other major losers are ITC, Tata Power, Jaiprakash Associates and Reliance Communications, down 1% each.

The market breadth is negative. Out of 2,802 shares traded, 1,801 have declined and 928 have advanced so far on the BSE.

Among the sectoral indices, bankex has increased 2% to 9,576 while IT and metal indices are down 2% each.