Markets rebound

The Sensex has recovered and is now up 78 points at 16,295. The Nifty is up 22 points at 4,841.
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(Updated at 1108 hrs)

The Sensex has slipped into the red to a low of 16,214. The index is now flat at 16,230 - up 13 points.

The Nifty is up two points at 4,821.

Sterlite has tumbled 3.5% to Rs 741. Hero Honda has dropped 2% to Rs 1,559. Reliance Communications and Maruti Suzuki have slipped 1% each to Rs 300 and Rs 406, respectively.

Meanwhile, Hindalco has added 2% to Rs 120. Mahindra & Mahindra has gained 1.5% at Rs 834.

Wipro, ICICI Bank, Infosys and Larsen & toubro are up 1% each.

The market breadth is failry negtaive. Out of 2,383 stocks traded 1,449 have declined while 876 have advanced.