Benchmark indices traded flat, as global markets saw a rebound, with Asian markets also trading higher. Overnight closings in the US and Europe were much higher, as stability was restored to global markets.
The Sensex was trading with losses of 310 points, while the Nifty was down 94 points in trade. Leading the set of losers was Tata Motors, after the company's quarterly numbers disappointed the markets. Tata Steel, another Tata Group company which reported numbers also lost ground, as results lagged estimates.
The early winners from the Nifty were Gail, Hindalco and State Bank of India. ONGC was another gainer jumping as much as 4 per cent in trade.
PSU Banking stocks were having a good session in trade after reports that these banks had seen a lot of cash deposits. A superb set of results from Bank of Baroda also helped power these stocks ahead.
Bank of Baroda itself gained a staggering 5 per cent in trade. Other gainers from the PSU banking space were Punjab National Bank and Syndicate Bank.
Meanwhile, the rupee was last seen trading at 67.68 to the dollar, falling a whopping 44 points in early trade.