Heavy-selling saw the markets dropping over 1% each in mid morning trades after opening in the red. The Sensex opened at 15,931 and tumbled over 262 points to a low of 15,652. A strong opening in European markets buoyed the index over the 16,000 mark in late noon trades. The index touched a high of 16,061 - recovering over 400 points from the day's low.

The Sensex, however, started dropping once again and ended flat at 15,936.

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Most indices managed a rebound, led by capital goods, banking and realty stocks. However, the BSE metal index dropped around 1% in trades today.

Telecom stocks were the big gainers today with Bharti Airtel gaining 2.7% at Rs 169. Reliance Communications added 2.2% to Rs 169.

ONGC advanced 1.8% to Rs 1,114. Hindustan Unilever jumped 1.7% to Rs 235. Mahindra & Mahindra and Sun Pharma advanced 1.4% each.

Banking stocks added. SBI added 1.1% to Rs 1,935. ICICI Bank was up marginally. Larsen & Toubro, BHEL and Infosys also moved in the green.

Debutant stock, Jubilant Foodworks surged 58% from its issue price of Rs 145. The stock ended with hefty volumes at Rs 229.

On the other hand, Tata Steel shed 4.4% at Rs 534. Hindalco dropped 3.7% to Rs 136. Sterlite, however, was in the green.

Wipro, NTPC and Jaiprakash Associates were down around 1% each.

FMCG major, ITC, dropped 1% to Rs 245. Other losers in the index included Tata Power, Tata Motors and ACC.

The BSE market breadth was marginally negative. Out of 2,854 stocks traded, 1,443 declined while 1,329 advanced.

Jubilant Foodworks topped the value chart with a turnover of Rs 655.16 crore, followed by Tata Steel (Rs 257.74 crore), Reliance (Rs 129.01 crore), SBI (Rs 115.20 crore) and Hindalco (Rs 106.56 crore).

The volume chart was led by Jubilant Foodworks with trades of over 31 million shares, followed by IFCI (8.79 million), Hindalco (7.76 million) and Suzlon (7.28 million).

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