Bhushan Steel rallied 19 percent and Tata Steel gained 1.5 percent. Adani Power and Tata Power were marginally lower.
Benchmark indices turned volatile after wiping out opening gains, with the Nifty trading below 10,200 levels despite positive trade in Asia.
Midcaps continued to underperform, with the Nifty Midcap index falling over a percent.
All sectoral indices were in the red barring IT.
Shares of Gitanjali Gems declined by another 5 percent after the CBI registered a fresh FIR against diamond merchant Nirav Modi in the PNB fraud case.
Modi and his uncle Mehul Choksi, promoter of Gitanjali Group, are accused in the fraudulent issuance of Letters of Undertaking (LoUs) and Letters of Credit (LCs) worth USD 2 billion (approximately Rs 12,636 crore) by the Punjab National Bank.
This is the 16th straight session of fall for the stock. It has lost as as much as 73.58 percent since February 14, the day the PNB fraud came to light.
