Sensex recovers smartly; HDFC down 4%

The Sensex has recovered most of its losses and is now down 27 points at 8,816. Earlier in the day, the index opened 136 points lower at 8,707, and then slipped to a low of 8,619.

Tata Steel and HDFC have slumped 4% each to Rs 161 and Rs 1,300, respectively.

Jaiprakash Associates has shed 2.3% to Rs 65. Sterlite has dropped 2% to Rs 243.

DLF, Bharti Airtel and HDFC Bank are down around 1% each to Rs 153, Rs 636 and Rs 859, respectively.

Mahindra & Mahindra has rallied 5% to Rs 295. Grasim has surged 3% to Rs 1,385.

Ranbaxy has gained 2.5% at Rs 212. ONGC and Reliance Communications are up around 1.5% each at Rs 683 and Rs 158, respectively.

The market breadth is very negative - out of 2,346 stocks traded so far, 1,525 have declined, 724 have advanced and the rest are unchanged.