The Indian benchmark indices have managed to bounce back and is trading on a positive note with the Sensex up 45 points at 37,737 while the Nifty is up 16 points at 11, 403 in the afternoon trade.
Nifty media is up 1 percent led by EROS International Media which jumped 7 percent while INOX Leisure zoomed 6 percent. TV Today, Network18, PVR, TV18 Broadcast and Zee Entertainment are the other gainers.
Metal index has also added a percent with gains from NMDC, Jindal Steel & Power, SAIL, Tata Steel and Vedanta.
However, Nifty PSU bank is down 1.5 percent dragged by Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, State Bank of India, Union Bank of India and Allahabad Bank.
The top NSE gainers included Tata Steel, Grasim Industries, Titan Company, Asian Paints and Vedanta which are up 2-3 percent each.
The most active stocks are PNB, Axis Bank, HDFC AMC, State Bank of India, and ICICI Bank.
The top BSE gainers are Intellect Design which zoomed 17 percent followed by Vakrangee, Tata Steel, EROS International Media and NMDC.
The top BSE losers are Adani Power, Avanti Feeds, PNB, Max Financial Services and Adani Ports.
Bata India, Dabur India, Exide Industries, Havells India, Indiabulls Ventures, Mahindra & Mahindra, HOEC and Jubilant Foodworks are some of the stocks which have hit new 52-week high in the afternoon trade.
On the other hand, DEN Networks, Gammon Infra, Tejas Networks and Jyoti Structures are some of the stocks which have hit fresh 52-week low.
The breadth of the market favoured declines, with 777 stocks advancing, 964 declining and 329 remaining unchanged. On BSE, 1237 stocks advanced, 1419 declined and 139 remained unchanged.