Sensex pares losses; RIL, ONGC, SBI, ICICI Bank down

The beaten down market recovered slightly as Europe gained. Volatility in market continued as Rupee touched a high of 47.52 per dollar. Financial, oil & gas, capital goods and select auto stocks were under selling pressure. The 30-share BSE Sensex was down 14 points at 16,487 and the 50-share NSE Nifty was lamost flat at 4,945.

The Indian rupee was trading at 47.52 per dollar, down 0.64% from 47.12 a dollar on Monday. European markets like France's CAC, Germany's DAX and Britain's FTSE was trading down 0.5% after recovery.

Tata Motors was the biggest loser; the stock plunged 5% while Cairn India was the top gainer; the stock rallied 5%.

ONGC and Reliance Industries from oil & gas space slipped 0.7-0.9%. ICICI Bank and SBI from financial space dipped 1.7% each.

Bharti Airtel, HDFC, L&T, M&M, Axis Bank and Hero Motocorp declined over 0.5%. SAIL and Tata Power lost 2% each.

However, technology stocks have remained on buyers' radar; TCS, Infosys and Wipro were down 1% each.