The Sensex is near the day's low at 16,907 - down 107 points. The Nifty is down 37 poinst at 5,026.
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(Updated at 1215 hrs)
The Sensex rebounded for a brief while but has slipped again. The index is now down 83 points at 16,926.
The Nifty is down 29 points at 5,034.
The BSE IT and FMCG index have gained in trades. The former has added 1.5% to 4,470 while the latter is up 1.3% at 3,019.
Jaiprakash Associates has slipped 4.3% to Rs 245. Tata Motors has dropped 2.5% to Rs 548.
Cement major - Larsen & Toubro is under pressure after announcing Q2 results. The stock has slipped 2.5% to Rs 1,633.
ICICI Bank, Maruti Suzuki and BHEL have dropped 1.5% each. Index heavy-weight Reliance is down 1.2% at Rs 2,156.
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ITC and Infosys have added 2.5% each to Rs 250 and Rs 2,214, respectively.
Hindustan Unilever has moved up 2% to Rs 280.
Bharti Airtel, Sterlite and Reliance Communications have advanced over 1% each.
The market breadth continues to be positive. Out of 2,517 stocks traded 1,350 have advanced while 1,101 have declined.