Following the tabling of the economic survey, the Sensex first spurted to a high of 14,764 but has now taken a complete U-turn and has slipped into the red. The index is now at 14,492, down 152 points from its previous close.
ONGC has pared some of its gains and is now up 6% to Rs 1,117.
Tata Steel has gained 4% at Rs 410 and Sun Pharma has advanced 3% to Rs 1,152.
Sterlite has added 2.5% to Rs 627.
Reliance Communications and BHEL have slipped over 3% each to Rs 289 and Rs 2,147, respectively.
Tata Motors, Maruti, Reliance and Bhartio Airtel have dropped 2.5% each to Rs 291, Rs 1,042, Rs 2,005 and Rs 802, respectively.
The market breadth is marginally positive, -out of 2,487 shares traded, 1,277 have advanced and 1,134 have declined so far on the BSE.