The Sensex has slipped into the negative zone and is now down 53 points at 8,726. Earlier in the day, the index had opened with a positive gap of 126 points, and touched a high of 8,928.
Bharti Airtel has surged over 5% to Rs 614.
Sterlite, Jaiprakash Associates and ACC have rallied 1.7% each to Rs 242, Rs 66 and Rs 486, respectively.
Grasim has advanced 1.5% to Rs 1,159. HDFC and Sun Pharma were up over 1% each at Rs 1,388 and Rs 1,084, respectively.
Ranbaxy has slumped almost 10% to Rs 185. Hindalco has tumbled 7% to Rs 44.
DLF has plunged 5.5% to Rs 171, and Tata Steel shed 5% at Rs 179.
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Reliance Infrastructure has dropped 4.5% to Rs 497. Larsen & Toubro and Tata Motors have slipped 4% each to Rs 659 and Rs 135, respectively.
Mahindra & Mahindra has declined 3.7% to Rs 285. Wipro has shed 1.6% at Rs 216, and Infosys is down 1% at Rs 1,211.
The market breadth is fairly negative - out of 2,324 stocks traded so far, 1,561 have declined, 679 have advanced and the rest are unchanged.