Nifty rebounds; ONGC gains 3%

The NSE Nifty has rebounded into the positive zone and is now up 23 points at 3,884.

Ranbaxy has soared 8.5% to Rs 444. ONGC has surged 3% to Rs 870.

Bharti Airtel has rallied 2.7% to Rs 729, and ITC has gained 2.5% at Rs 164.

Cipla and Satyam have moved up 1.7% each to Rs 211 and Rs 405, respectively.

Reliance, BHEL and HDFC have advanced 1.3% each to Rs 2,003, Rs 1,390 and Rs 1,823, respectively.

HDFC Bank, Larsen & Toubro and Hindustan Unilever are up over 1% each at Rs 927, Rs 2,305 and Rs 214, respectively.

Reliance Infrastructure and SBI are also up over 1% each at Rs 776 and Rs 1,190, respectively.

DLF has slumped 4% to Rs 410. Tata Motors has tumbled 3.8% to Rs 389.

Mahindra & Mahindra has plunged 3.3% to Rs 505, and Reliance Communications has slipped over 2% to Rs 397.

The market breadth is fairly negative - out of 2,371 stocks traded, 1,370 have declined and 922 have advanced.