Sensex recovers, down 21pts

The Sensex rebounded for a short while and slipped back into the red. The index is now down 21 points at 14,819.
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(Updated at 1357 hrs)

The Sensex extended losses and touched a low of 14,608. The index is now down 152 points at 14,687.

Ranbaxy has slumped 6% to Rs 259. Reliance Infrastructure has shed 5.5% to Rs 1,231. Jaiprakash Associates and ACC have slipped 4.5% each to Rs 210 and Rs796, respectively.

Hindalco, HDFC Bank and Tata Power declined 3% each. NTPC, Reliance Communications, SBI, Reliance, ICICI Bank, DLF and Bharti Airtel declined 1-3% each.

On the other hand, Tata Steel gained 4.5% at Rs 458. Sterlite added 3% to Rs 686. Mahindra & Mahindra, HDFC, Grasim and Tata Motors are up 1-2% each.

The market breadth is marginally negative. Out of 2,767 stocks traded, 1,369 have declined while 1,341 have advanced.