The Sensex is now up 120 points at 9,356. Earlier in the day, the index opened 125 points lower at 9,111, and touched a low of 9,087.
Jaiprakash Associates has soared over 5% to Rs 73. Reliance Infrastructure has surged 4.5% to Rs 580.
ONGC has rallied 3% to Rs 658. Ranbaxy, Reliance and Larsen & Toubro have gained nearly 3% each at Rs 216, Rs 1,303 and Rs 678, respectively.
Maruti, Reliance Communications, Sterlite and SBI have advanced around 2.5% each to Rs 559, Rs 166, Rs 274 and Rs 1,123, respectively.
ITC and Hindustan Unilever are up 1.5% each at Rs 178 and Rs 260, respectively.
Sun Pharma has slumped 6.5% to Rs 1,069. BHEL has plunged nearly 3% to Rs 1,318.
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Tata Motors has slipped 2% to Rs 148, and Mahindra & Mahindra is down over 1% at Rs 292.
The market breadth is margially positive - out of 2,253 stocks traded so far, 1,120 have advanced, 1,011 have declined and 122 are unchanged.