A day earlier, investor sentiment had taken a beating following Saturday's attack on Saudi oil facilities which halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since 1979,
At 10:15 am, the BSE S&P Sensex was down by 179 points to 36,945 while the Nifty 50 edged lower by 42 points to 10,962.
Bharat Petroleum Corporation dropped by 6.1 per cent to trade at Rs 383.50 per share while IndiaOil Corporation was down by 3.3 per cent to Rs 125.80 apiece. Index heavyweight Reliance Industries slipped by 2.2 per cent.
Auto stocks were hit across the board with Tata Motors losing by 3.8 per cent, Maruti by 3 per cent and Eicher Motors by 2.3 per cent. Among the other prominent losers were JSW Steel, Zee Entertainment, GAIL, Bharti Airtel and UPL.
Tata Steel moved up by 2.9 per cent. ICICI Bank edged higher by 2.9 per cent and IndusInd Bank by 2.3 per cent. Oil marketing firms like Indian Oil and Bharat Petroleum gained by 1.7 per cent each.
At the National Stock Exchange, all sectoral indices except for IT were in the positive zone. Nifty metal gained by 1.8 per cent, auto by 1.7 per cent and PSU bank by 1.2 per cent.
The BSE S&P Sensex closed 383 points or 1 per cent lower at 37,069 while the Nifty 50 edged lower by 98 points to 10,948.
The BSE S&P Sensex closed 189 points or 0.5 per cent lower at 37,452 while the Nifty 50 edged lower by 59 points to 11,046.
At 10:15 am, the BSE S&P Sensex was down by 121 points at 37,520 while the Nifty 50 edged lower by 44 points to 11,062.
The 30-pack index eventually settled the day 793 points, or 2.16 per cent, higher at 37,494.12. The NSE counterpart Nifty50 closed at 11,057.84, up 228.50 points, or 2.21 per cent.