The Sensex is now up 48 points at 11,014. Earlier in the day, the index opened 1.5% (162 points) lower at 10,805. The index then slumped to a low of 10,719, before rebounding into the positive zone. The index touched a high of 11,056.
Tata Motors has zoomed 12% to Rs 283. Ranbaxy Laboratories and Mahindra & Mahindra have gone up 5% each to Rs 198 and Rs 472, respectively.
BHEL, DLF and Jaiprakash Associates have gained 4% each at Rs 1,590, Rs 243 and Rs 122, respectively.
Grasim Industries and ACC have also rallied 4% each to Rs 1,630 and Rs 615, respectively.
Reliance Communications and Sun Pharma have also posted smart gains.
On the other hand, Infosys has plunged 5% to Rs 1,341. TCS has slumped 4% to Rs 569. Sterlite has dropped 4% to Rs 409.
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HDFC Bank has shed 3% to Rs 1,064, and Wipro has dropped 2.3% to Rs 263.
The market breadth is significantly positive - out of 2,450 stocks traded so far, 1,969 have advanced, 433 have declined and the rest are unchanged.