Sensex cuts losses, down 35pts

The Sensex has erased some of its losses and is now down 35 points at 11,372. The index had dropped over 100 points in the opening trades.

ONGC is down 1.7% at Rs 1,179. ICICI Bank has shed 1.4% at Rs 582.

Grasim, BHEL, Reliance Communications and HDFC Bank have declined over 1% each to Rs 2,166, Rs 2,224, Rs 288 and Rs 845, respectively.

Hero Honda, Cipla and Ranbaxy have spurted over 1% each to Rs 709, Rs 249 and Rs 390, respectively.

Out of 2,263 stocks traded so far, 1,254 have declined, 936 have advanced and the rest are unchanged.