The Sensex at the Bombay stock exchange made a smart recovery, wiping out all its early losses, to stand 2 points in positive territory at 16,992 a short while ago. Earlier in the morning the Sensex had opened a mammoth 558 points in the red, The Sensex fell to as low as 16,432 points in opening trade, its lowest level since June 1 last year, with a fall of 558 points from yesterday's close. In similar fashion, the Nifty, was trading 3 points in the green at 5122 points.