Sensex recovers smartly; Tata Steel down 5%

The Sensex has recovered most of its losses and is now down 17 points at 8,826.

Tata Steel has slumped 5.4 per cent at Rs 159. HDFC has tumbled 5.3% to Rs 1,282.

Jaiprakash Associates 3.4% to Rs 65. Sterlite has lost 2.7% to Rs 242.

Wipro has declined nearly 2% at Rs 211. SBI and HDFC Bank have dropped 1.8% each to Rs 1,028 and Rs 852, respectively.

ICICI Bank has slipped 1.5% to Rs 331. Sun Pharma is down 1.4% to Rs 1,008.

Mahindra & Mahindra has rallied 5.4% to Rs 296. Ranbaxy has surged 3.7% at Rs 214.

Grasim has gained 3.1% to Rs 1,386.

The market breadth is very negative - out of 2,415 stocks traded so far, 1,603 have declined, 719 have advanced and the rest are unchanged.