High volatility early in the morning continued for the fourth day today. Indices maintained the momentum from yesterday and opened with gains before declining sharply. However, markets have recovered on buying in select heavyweights.

Sensex opened at 10831 and declined to 10623 before recovering. The index is trading higher by 30 points at 10852 at 11.10 AM.

Nifty opened at 3204, declined to a low of 3129 before recovering and bouncing back to 3200. The index is trading flat at 3199.

Metal stocks are once again in the forefront as international metal prices are firm in Asian trades, though pre-opening trades in London are pointing towards a subdued trend.

Nalco is the biggest gainer among index stocks, trading more than 5.5 per cent higher. Hindalco has added nearly 5 per cent.

Among steel stocks, SAIL is continuing the uptrend from yesterday and has added another 3.5 per cent. The stock has bounced back nearly 20 per cent in just two sessions. Tata Steel is trading more than 1.5 per cent higher.

Banking stocks have made a come back in early trades, led by ICICI Bank. The stock is trading nearly 4.5 per cent higher. PNB has also added close to 4.5 per cent while SBI is trading nearly a per cent higher.

Dabur is the big winner among FMCG stocks, trading more than 4 per cent higher. ITC has gained nearly 1.5 per cent while HLL is trading nearly a per cent higher.

Select pharma stocks are doing well in early trades. Glaxo has added more than 5 per cent while Cipla is trading nearly 4.5 per cent higher.

IPCL, SCI, Satyam Computers and VSNL are among the other gainers.

Heavyweights ONGC and Reliance Industries are under pressure in early trades. ONGC has lost nearly 2.5 per cent while Reliance Industries is trading almost 1.5 per cent lower.

HCL Technologies is the biggest loser among index stocks, trading more than 4 per cent lower. Among other technology stocks, Wipro and TCS have lost over 1.5 per cent each.

HDFC has lost over 3 per cent while HDFC Bank has shed more than 2.5 per cent.

Power utility stocks are also under pressure. Tata Power is trading nearly 3 per cent lower while Reliance Energy has given up over 1.5 per cent.

Ranbaxy, Zee Tele, L&T, Maruti and M&M are among the other losers.

Mid-caps are doing much better than the frontline stocks as many of the stocks, which had declined substantially in recent days, are fining buyers. The index is now trading with modest gains of around 1.5 per cent. Market breadth on the NSE and is positive with more than 2 stocks advancing for every declining stock.

Select stocks in the property sector are finding interest today. Mahindra Gesco has bounced back after losing nearly 50 per cent in one week. Unitech is locked in 5 per cent upper circuit on reports of a large property deal.

Soma Textiles, TTK Prestige, Shiv-Vani Oil, Rajvir, Today's Writing, Taj GVK and Manali Petro are among the gainers in mid-caps.

Indo-Rama Textiles, Adani Exports, GTC Industries and Vakrangee Software are among the mid-cap losers.