The Sensex has rebounded smartly and is now near its high at the 15,469 - up 71 points.
The Nifty is up 25 points at 4,618.
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(Updated at 1217 hrs)
Markets have suddenly dropped into the red, erasing all earlier gains.
The Sensex dropped to a low of 15,379. the index is now down 12 poinst at 15,384.
The Nifty is down five points at 4,589.
DLF has dropped 2.5% to Rs 403. Tata Motors has shed 2% to Rs 499. Jaiprakash Associates has slipped 1.5% to Rs 212.
Reliance Communications and Infosys has declined 1% each to Rs 288 and Rs 2,168, respectively.
Meanwhile, Mahindra & Mahindra has managed to hold on to its gain and is now up 2.5% at Rs 834. Hero Honda and Sun Pharma have added 1.5% at Rs 1,568 and Rs 1,204, respectively.
Tata Steel, Hindalco and HDFC have advanced 1% each.
The market breadth has turned marginally negative. Out of 2,560 stocks traded 1,279 have declined while 1,161 have advanced.
