Select stocks from healthcare and PSU sectors have also moved up a bit. Power, capital goods, automobile, bank and capital goods stocks are off their highs now, while consumer durables stocks are trading weak.

The Sensex, which had tumbled to 17,004.09 earlier in the day, is currently up 75.67 points or 0.44% at 17,219.35. At 5219.40, around 65 points off the day's low of 5154.05, the Nifty is now up 19.60 points or 0.38% from its previous closing mark.

Realty stock DLF is up nearly 3.5% thanks to strong buying at the counter. Wipro is up with a gain of 2.5%. Power Grid Corporation and Grasim Industries are up nearly 2%. Cipla is trading 1.9% up ahead of announcement of results.

ACC, ONGC, HDFC, Maruti Suzuki, Coal India, Tata Consultancy Services, Axis Bank and Tata Motors are up 1% - 1.8%. Ranbaxy Laboratories, Infosys, Asian Paints, ITC, HCL Technologies, Bajaj Auto, IDFC and Hindustan Unilever are also trading notably higher.

Bharti Airtel is trading lower by 2.2% at Rs 302.50, off the day's low of Rs 298.60. The stock is down on reports that the company is planning to raise funds by issuing new shares to the public or institutional investors to pare its massive debt.

BPCL, Bank of Baroda, Jindal Steel, Mahindra & Mahindra, SAIL, State Bank of India, Reliance Infrastructure, Hero Motocorp, BHEL, Dr Reddy's Laboratories, Tata Steel and Hindalco are down with sharp to moderate losses.

Hexaware Technologies Ltd has posted profit after tax of Rs 89.03 crore for the quarter ended June 30, 2012 as compared to Rs 60.24 crore for the quarter ended June 30, 2011. Total income increased from Rs 345.49 crore for the quarter ended June 30, 2011 to Rs 511.39 crore for the quarter ended June 30, 2012. The stock is currently trading 1.6% down at Rs 115.

Ipca Laboratories is down more than 2% at Rs 219. The company has posted a net profit of Rs 42.98 crore for the quarter ended June 30, 2012 where as the same was at Rs 61.67 crore for the quarter ended June 30, 2011.