The Sensex has pared almost all its gains and is now up 10 points at 10,752. Earlier in the day, the index opened with a positive gap of 134 points at 10,876, touched a high of 10,932, and soon tumbled into red to a low of 10,656 - down 276 points from the day's high.
Jaiprakash Associates has zoomed over 5% to Rs 112. ICICI Bank has surged 3.5% to Rs 390.
Larsen & Toubro has gained over 2% at Rs 825. Sterlite too has added nearly 2% to Rs 391.
Reliance Infrastructure, Grasim, Ranbaxy, Bharti Airtel, DLF and Tata Steel are the other prominent gainers.
Hindustan Unilever have slumped 3.5% to Rs 233. Mahindra & Mahindra and Wipro have plunged 3% each to Rs 435 and Rs 274, respectively.
ONGC has shed 2.8% at Rs 882. Maruti and NTPC have declined 2% each to Rs 800 and Rs 193, respectively.
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ITC, BHEL and TCS are the other prominent losers.
The market breadth is very positive - out of 2,520 stocks traded, 1,669 have advanced, 770 have declined and 81 are unchanged.