The overall thanks goes to strong buying activity in some old economy blue chips, the Sensex that had skidded into the terror zone earlier this morning, has bounced back into the positive terrain at the moment.

At 14,895.98, well off a low of 14,751.68 it had touched earlier this morning, the Sensex is up by about 0.36 per cent or 53.60 points as compared to its previous closing mark. The Nifty has recorded a gain of 0.36 per cent or 15.55 points at 4318.15.

Hindalco remains on top after making a gain of 3.3 per cent. Reliance Energy remains sticky around Rs 775, which is up by about 1.8 per cent over its previous close. Dr. Reddy's Laboratories, Tata Steel, Cipla, Mahindra & Mahindra and Ambuja Cements have made between1 per cent - 1.5 per cent.

Bajaj Auto, Reliance Industries, Bajaj Auto, Larsen & Toubro, BHEL, State Bank of India, NTPC, Hindustan Unilever and ITC also posted better gains. Reliance Communications, Grasim Industries and HDFC have chipped in with modest gains.

Nicholas Piramal has climbed up 5.3 per cent to Rs 261, GMR Infrastructure gained 4.6 per cent at Rs 783.15, Lanco Infratech ascended 4.55 per cent to Rs 273.7.

Indian Overseas Bank, Hindustan Zinc, Balaji Telefilms, Power Finance Corporation, Dena Bank, HTMT Global, Indian Oil Corporation, Escorts, Alstom Projects, IVR Prime, Britannia Industries, Canara Bank, Mirc Electronics and Crompton Greaves have also registered substantial gains.

ICICI Bank that skidded to Rs 864 went back to Rs 872, cutting out its loss to about 1.3 per cent. Tata Motors has regained to Rs 671.50 from Rs 658 and is down by about 0.75 per cent from yesterday’s closing price.

Bharti Airtel, Infosys Technologies, ONGC, Ranbaxy Laboratories and Wipro remained weak with marginal losses.