The Sensex has rebounded and is now up 81 points at 14,365.
Earlier in the day, the index opened at 14,757. It, however, could not hold gains and slipped into the red to a low of 13,834.
Larsen & Toubro has soared 9.5% to Rs 1,357. Mahindra & Mahindra ahs surged 9% to Rs 626.
Maruti Suzuki and SBI have rallied 7.5% each to Rs 996 and Rs 1,692, respectively.
Sun Pharma, HDFC, Grasim, ICICI Bank and DLF has gained 5% each. Reliance Communications has advanced 3.5% to Rs 295.
ACC, ONGC, Sterlite and BHEL are the other gainers in the market today.
Meanwhile, Infosys has plunged 9% to rs 1,611. Wipro and TCS have slumped 7% each to Rs 395 and Rs 681, respectively.
Jaiprakash Associates, Hindustan Unilever, Ranbaxy, NTPC, Hindalco, ITC, Tata Motors, Bharti Airtel and Reliance have declined 2-4% each.