Sensex rebounds.. up 18pts

The Sensex has rebounded and is now up 18 points at 14,892.
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(Updated at 1446 hrs)

The Sensex after touching a low of 14,733, is trying to recover and the index is now at 14,808, down 67 points.

Selling in the IT and the Banking stocks continue to drag the market into the negative.

Mahindra & Mahindra slumped 4% to Rs 697. Infosys and ICICI Bank have slipped 2% each to Rs 1,644 and Rs 718, respectively.

HDFC Bank and SBI have dropped around 1.8% each to Rs 1,372 and Rs 1,875, respectively.

Reliance, DLF and HDFC are down 1% each.

Tata Motors have gained 5% at Rs 367.

ITC and ACC have added 4% each at Rs 200 and Rs 224, respectively.

Jaiprakash Associates, Grasim, Hindalco and Reliance Communications have soared 3-4% each.

Sterlite, Tata Steel, Sun pharma, Tata Power and Ranbaxy are up 1-3% each.

The breadth is positive, out of 2,817 shares traded, 1,889 have advanced and 880 have declined on the BSE so far.