Sensex back above 11,800, down 114pts

The Sensex is now down 114 points at 11,801.

Tata Steel has slumped 4% to Rs 627. Hindalco has dropped nearly 3% to Rs 206.

Grasim and ACC have tumbled over 2% each to Rs 2,323 and Rs 935, respectively.

Tata Motors, Maruti and Bajaj Auto have slipped around 2% each to Rs 939, Rs 880 and Rs 2,875, respectively.

NTPC has shed 2% to Rs 132. Ranbaxy is down nearly 2% at Rs 488.

Satyam continues to hold fort with a gain of 1.6% at Rs 786.

Out of 2,359 stocks traded so far, 1,144 have moved up, 1,155 have slipped and 60 are unchanged.