Sensex rebounds led by banking stocks, up 20pts

The Sensex has rebounded into the positive zone led by fresh buying in banking stocks. The index which touched a low of 8,047, rebounded into green and touched a high of 8,247. The index is now up 21 points at 8,219.

The overall market sentiment continues to remain subdued, due to weak cues from the Asian markets - Hang Seng, Nikkei and Shanghai Composite indexes are down around 1-3% each.

The FIIs are also relentless sellers in the last three trading days, having sold shares worth Rs 2,407 crore. So far this year, the FIIs are net sellers of Rs 10,413 crore in the cash segment.

ICICI Bank has surged 5% to Rs 283. The stock has recovered over 10% from the day's low of Rs 253. HDFC has rallied 2.3% to Rs 1,177. HDFC Bank and SBI have moved up nearly 2% each to Rs 816 and Rs 951, respectively.

Reliance Communications has surged 2.5% to Rs 139. Jaiprakash Associates has advanced 2.3% to Rs 68, and Larsen & Toubro has added 2% to Rs 580.

Tata Steel has gained 1.7% at Rs 155. Reliance Infrastructure, Wipro and TCS are the other major gainers.

ITC, however, has plunged over 3% to Rs 162.

Maruti and Ranbxy have dropped 2.5% each to Rs 651 and Rs 141, respectively.

Hindustan Unilever has declined 1.4% to Rs 227. ACC is down 1% at Rs 523.