Sensex flat, Larsen & Toubro gains 3%

The Sensex rebounded into the positive zone and touched a high of 10,578 - a gain of 312 points from the day's low of 10,275.

The index is now almost flat at 10,565 - down eight points.

Larsen & Toubro soared 3% to Rs 2,335 after the company annoucned its plans to issue bonus shares. The company's board is scheduled to meet on June 7 to consider the bonus proposal.

ONGC has surged 2.4% to Rs 1,193. Tata Steel has moved up 2% to Rs 491.

Wipro, Reliance, ACC and Grasim have gained over 1% each at Rs 459, Rs 951, Rs 777 and Rs 1,911, respectively.

HDFC Bank has dropped 4.4% to Rs 736. Ranbaxy has slipped over 3% to Rs 419.

Reliance Energy, Tata Power and HDFC are the other major losers.

Out of 2,313 stocks traded so far, 1,571 have slipped, 695 have moved up and the rest are unchanged.