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The Sensex has ended at 17,589, down 111 points and the Nifty has closed at 5,257, down 24 points.
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The Sensex has erased some of its losses and is now at 17,623, down 75 points.
The NSE Nifty is at 5,262, down 20 points.
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(Updated at 1400hrs)
The Sensex after plunging to a low of 17,567 has erased some of its losses and is now at 17,615, down 85 points. The NSE Nifty is at 5,261, down 21 points.
Tata Motors has slipped 3% to Rs 784. Jaiprakash Associates and Mahindra & Mahindra have dropped 2.5% each to Rs 156 and Rs 2,524, respectively.
IT scrips like TCS, Infosys and Wipro have declined 2% each to Rs 714, Rs 2,523 and Rs 678, respectively.
Hindalco is the top gainer on the Sensex, up 2.5% at Rs 175. Reliance has advanced 2% at Rs 1,107. Reliance Communications, Reliance Infrastrcuture, Tata Steel and ACC are the other gainers on the Sensex, up 1% each.
The market breadth is positive, out of 2,909 shares traded, 1,509 have advanced and 1,237 have declined so far on the BSE.
Among the sectoral indices, the IT index has declined 2% to 5,055. It is followed by auto index, down 1.5%.