The Sensex has recovered smartly from the day's low of 14,602, and rebounded into the positive zone. The index is now up 78 points at 14,802.
The NSE Nifty is up eight points at 4,439.
Technology stocks have led the recovery. Satyam has surged 3% to Rs 424. TCS, Infosys and Wipro have gained 2% each at Rs 850, Rs 1,724 and Rs 437, respectively.
HDFC has moved up 1.8% to Rs 2,330, and HDFC Bank has added 1.7% to Rs 1,195.
Reliance Infrastructure, Jaiprakash Associates and ICICI Bank are up over 1% each at Rs 998, Rs 174 and Rs 681, respectively.
Hindalco has plunged 5% to Rs 129. Sterlite has shed 2.3% at Rs 606.
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Reliance Communications has slipped over 2% to Rs 415. Grasim has dropped 1.5% to Rs 2,025.
Reliance and ONGC are down over 1% each at Rs 2,248 and Rs 1,054, respectively.