Sensex down 127pts; Wipro rebounds, up 1%

The Sensex is now down 127 points at 10,446.

The index had opened with a negative gap of 52 points at 10,521, and then tumbled to a low of 10,275 - down 298 points from the previous close.

Reliance Energy have tumbled 5% to Rs 505.

HDFC and Tata Power have shed nearly 4% each at Rs 1,140 and Rs 510, respectively.

Tata Motors and BHEL are down over 3% each at Rs 752 and Rs 1,912, respectively.

Wipro has gained 1% at Rs 457. Hero Honda is the only other gainer among the Sensex stocks.

The market breadth is extremely negative - out of 1,999 stocks traded so far, 1,564 have declined, 406 have advanced and 29 are unchanged.