India bourses made recovery from its day's lows but was ruling in the negative terrain.

The 30-share index remained down by 262 points (1.5%) to trade at 18,133 while the broad-based Nifty slipped 58 points (1%) to trade at 5,454.

Egyptian political confusions and feeble Asian market dragged the stock indices to multi-month low levels during the morning trades.

The Sensex hit a low of 18,038 whilst the Nifty slipped to 5,417.

Asian bourses declined on worries that the Egyptian turbulence could reach Middle Eastern nations.

Nikkei dropped 1% at 10,263. Hang Seng fell 1% at 23,352. But, Shanghai Composite remained up by 1% to 2,780.

The majority of the sectoral indices remained in the danger zone, headed by IT and automobile.

TCS dropped 4% to Rs 1,135. Tata Power, Sterlite, HDFC and Bharti AIrtel fell 3-4% each.

Bajaj Auto slipped 3% to Rs 1,218. JP Associates, Hero Honda, Tata Motors, DLF and HDFC Bank remained down by more than 2% each.

Other losers in the list comprised Maruti Suzuki, which fell after announcing its Q3 outcomes, Tata Steel, Jindal Steel and Infosys.

In the meantime, ONGC surged 2.8% to Rs 1,168 after it recorded better-than-projected net profit for Oct-Dec 2010 period because of the improvement in the crude oil rates and government-pioneered boost in natural gas rates during this period.

ONGC's net profit increased more than two folds to Rs 7,080 crore during the third quarter as against Rs 3,050 crore during the same quarter of the previous year.

The majority of market analysts had projected the company to make a net income of approximately Rs 5,410 crore. Sales earning increase 21% to Rs 18,648 crore on a YoY basis.

Market heavyweight, Reliance gained marginally together with M&M and HUL.