After declining nearly 3 per cent each in early trades, the indices recovered smartly and managed to claw back into the green by early afternoon. But disappointing results from SAIL and further decline in international metal prices have led to another decline.

Sensex is trading lower by 148 points at 10425 at 01.10 PM.

Nifty is trading lower by 39 points at 3077.

Auto stocks continue to be among the worst hit in early afternoon trades. M&M, one of the worst performers yesterday, is now trading more than 4.5 per cent lower. Tata Motors has lost nearly 3.5 per cent while Maruti has lost over 1.5 per cent.

Among 2-wheelers, Bajaj Auto has slipped nearly 4 per cent while Hero Honda has lost almost all its gains.

HDFC Bank is still unable to recover from its lows and is trading nearly 4.5 per cent lower. SBI has shed nearly 2.5 per cent while ICICI Bank is trading nearly 1.5 per cent lower.

Ranbaxy is the biggest loser among index stocks, trading nearly 5.5 per cent lower.

Metal stocks also continue to be weak as international metal prices are showing no signs of recovery. Nalco is trading over 3.5 per cent lower while Hindalco has given up over 1.5 per cent. Copper maker Sterlite is trading nearly 4 per cent lower.

SAIL slipped after its Q4 results were worse than expectations and is now trading more than 3.5 per cent lower. Tata Steel has bucked the trend and is holding on to its gains of over 1.5 per cent.

ABB and BHEL are trading more than 3 per cent lower while Siemens has given up over 1.5 per cent. L&T, which said it would consider a bonus issue, shot up only to decline later and is trading more than a per cent lower.

HCL Technologies is the biggest loser among technology stocks and has shed more than 4.5 per cent. Infosys is down over 1.5 per cent while TCS and Satyam are also trading lower.

Dabur has slipped nearly 4 per cent while HLL has given up 2 per cent. ITC is trading a per cent lower.

ONGC has built on its mid-morning strength and is now trading nearly 2 per cent higher. Reliance Industries is trading with marginal gains.

MTNL is holding on to its gains of over 3 per cent while Zee is still up by over 2 per cent.

Sun Pharma is the biggest gainer among index stocks, having added nearly 6.5 per cent.

IPCL and ACC are among the other gainers.

Mid-caps are still not able to recover substantially from their lows. Even when the frontline indices pulled back into the green, the mid-cap index was trading more than a per cent lower. The index is now trading with losses of around 1.5 per cent. Market breadth on the NSE continues to be highly negative with more than 4 stocks declining for every advancing stock.

Nahar Spinning, Classic Diamonds, Mastek, GNFC, Unitech and Mahindra Gesco are among the gainers in mid-caps.

Zodiac JRD, Bajaj Hindustan, Gammon India and Sintex are among the mid-cap losers.