Sensex drops 118pts, Maruti gains 3%

The Sensex opened with a positive gap of 11 points at 11,367, and immediately moved up to a high of 11,381. Selling commenced soon after, and the index plunged to a low of 11,008 - a drop of 373 points from the intra-day high.

Buying at lower levels saw the index recover close to 225 points to finally close with a loss 118 points at 11,237.

Cipla plunged over 5% (Rs 34) to Rs 652. Grasim dipped nearly 4% (Rs 84) to Rs 2,091.

While Satyam declined over 3% (Rs 26) to Rs 772, Infosys slipped 1.8% (Rs 54) to Rs 3,021.

BHEL was down over 3% (Rs 75) at Rs 2,283, and L&T dropped Rs 60 to Rs 2,498.

ICICI Bank was down Rs 19 at Rs 565, and SBI declined Rs 18 to Rs 918.

Reliance advanced over 2% (Rs 18) to Rs 847. Maruti zoomed over 3% (Rs 29) to Rs 870. Dr. Reddy's gained over 3% (Rs 46) to Rs 1,472.