After opening 33 points lower at 10,305, the Sensex slipped to a low of 10,116 - down 222 points - in early trades. However, the index recovered smartly and rebounded into the positive zone to touch a high of 10,387 - up 271 points from the day's low.
The Sensex has moved back into the positive zone and is now up 53 points at 10,391.
Tata Power and Ranbaxy have zoomed around 10% each to Rs 763 and Rs 209, respectively.
ONGC has soared 7.5% to Rs 765. Jaiprakash Associates has rallied over 7% to Rs 87.
SBI and ICICI Bank have rallied 6% each to Rs 1,316 and Rs 457, respectively.
Reliance Communications and Tata Steel have gained 5% each at Rs 245 and Rs 236, respectively.
More From This Section
ITC has moved up 2.6% to Rs 166. DLF and BHEL have advanced around 45 each to Rs 264 and Rs 1,394, respectively.
TCS has slumped 9% to Rs 500. Satyam and Wipro have tumbled nearly 8% each to Rs 277 and Rs 255, respectively. Infosys has shed 5.5% to Rs 1,303.
Sterlite has dropped 5.5% to Rs 279.
Tata Motors, Reliance, ACC and HDFC are down around 1.5% each to Rs 188, Rs 1,413, Rs 504 and Rs 1,862, respectively.
The market breadth is positive - out of 2,555 stocks traded so far, 1,532 have advanced, 948 have declined and the rest are unchanged.