The Sensex touched a high of 14,996 but failed to hold gains and slipped back in to the negative. The index touched a low of 14,727, down 269 points from the day's high.
The index is now at 14,752, down 206 points.
The BSE Metal index is down 3% at 11,574.
Reliance Infrastructure has soared 4% to Rs 1,321.
Bharti Airtel, ICICI Bank and DLF are up 1% each at Rs 820, Rs 743 and Rs 357, respectively.
Tata Steel has dropped around 4% to Rs 434. Mahindra & Mahindra has slipped 2.5% to Rs 754.
Wipro, ONGC, BHEL, Larsen & Toubro and ACC have declined over 2% each to Rs 388, Rs 1,101, Rs 2,111, Rs 1,495 and Rs 836, respecively.
TCS, Hindalco, SBI, Grasim, Maruti, Sterlite and Hindustan Unilever are down 1% each.
The market breadth is just positive- out of 2,593 shares traded, 1,274 have advanced and 1,240 have declined.