Recovering from initial losses, the Sensex at the Bombay Stock Exchange stood just 2 points in positive territory, at 19,548 in afternoon trade, amid considerable volatility, a short while ago.

Earlier in the morning, however, the Sensex had opened with a loss of 62 points, or 0.3 percent, at 19,484, on sustained selling by funds, amid weak global markets. The 30-share Sensex had lost nearly 670 points in the previous three trading sessions.

Other Asian markets in Japan, China, Hong Kong, Indonesia, Taiwan, Singapore and South Korea had lost between 0.1 percent and 3.8 percent, today, on concerns that the US central bank will scale back stimulus efforts as the US economy improves. Wall Street's Dow Jones Industrial Average had ended 0.5 per cent lower in yesterday's trade.

The rupee failed to maintain its initial gains against the American dollar and was quoted lower by one paisa to 56 rupees 45 paise per dollar in late morning trade on fresh dollar demand from banks and importers.

The rupee resumed higher at 56 rupees 43 paise per dollar against the last closing level of 56 rupees 44 paise per dollar at the Interbank Foreign Exchange Market.

However, it failed to maintain its gains as uneven demand and supply for dollars mainly affected the rupee against the dollar.