The market has come off lower levels past mid afternoon, thanks to some strong buying in select stocks from FMCG, healthcare, capital goods and banking sectors. A few stocks from information technology sector are also trading firm.
Still, with several blue chips still reeling under pressure, the market looks headed for a weak close.
The Sensex, which recovered to 19,345.42 from a low of 19,232.23, is now down 114 points or 0.6% at 19,313.56. The Nifty is down 33 points or 0.55% at 5839.60.
Cipla is trading nearly 2% up at Rs 391.40. HDFC Bank, which declined sharply, extending previous session's losses, has rebounded this afternoon and is trading almost 2% up at Rs 652. Siemens, Cairn India and HCL Technologies are up 1.5% - 1.8%.
Hindutan Unilever, Lupin, Hero Motocorp and ITC are also up in positive territory.
Coal India is down as much as 5.2%. Ambuja Cements, GAIL India, Tata Power, IDFC, Maruti Suzuki, Bajaj Auto, BPCL, Mahindra & Mahindra and Reliance Infrastructure are also down sharply.
Jet Airways is down with a sharp loss, on reports that the company's deal with Etihad, the Abu Dhabi-based airliner, may be called off. The stock, which had plunged to Rs 498 earlier in the day, has however, edged up to Rs 551 now, cutting down its loss to around 4%.
Thomas Cook shares are up more than 3% following an announcement from the company that it has recevied SEBI's approval for raising funds through institutional placement programme.
Sugare stocks are finding some support ahead of Cabinet Committe's meeting to consider a proposal to decontrol the sugar sector. Upper Ganges Sugar, Dhampur Sugar Mills, Triveni Engineering, Sakthi Sugars, Dwarikesh Sugars, Rana Sugars, Bajaj Hindustan, Shree Renuka Sugars, EID Parry and Balrampur Chini all rose sharply before paring some gains.