The Sensex is now up 63 points at 9,300. Earlier in the day, the index opened 125 points lower at 9,111, and touched a low of 9,087.
ONGC and Jaiprakash Associates have soared 4% each to Rs 665 and Rs 72, respectively.
Ranbaxy has rallied nearly 3% to Rs 216. SBI and Reliance have surged around 2.5% each to Rs 1,126 and Rs 1,299, respectively.
Maruti and Reliance Communications have moved up 2% each to Rs 555 and Rs 165, respectively.
Sterlite and ITC have advanced nearly 2% each to Rs 272 and Rs 179, respectively.
Hindustan Unilever and Grasim have added 1.5% each to Rs 260 and Rs 1,197, respectively.
Sun Pharma has slumped nearly 7% to Rs 1,066. BHEL has plunged over 3% to Rs 1,312.
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Tata Motors, TCS and NTPC have shed 1.3% each at Rs 148, Rs 502 and Rs 188, respectively.
Mahindra & Mahindra and ICICI Bank are down 1% each at Rs 293 and Rs 404, respectively.
The market breadth is margially positive - out of 2,161 stocks traded so far, 1,048 have advanced, 998 have declined and the rest are unchanged.