The Sensex opened with a small positive gap of seven points at 5,548. After slipping marginally to an intra-day low of 5,544 in early deals, the markets remained steady and turned range-bound on selective buying in old and new economy stocks. The market-mood changed significantly in the afternoon deals as a wave of buying, particularly in PSUs, and other select old economy lifted the index to an intra-day high of 5,590.

The Sensex, however, came off-highs on a last minute selling in HLL, ITC and HPCL, and finally settled with a gain of 37 points at 5,578. The Nifty added 11 points to close at 1,789.

BHEL rose sharply on hectic buying support, and spurted 5% (Rs 24) to Rs 487. While SBI vaulted 4% (Rs 19) to Rs 508, MTNL gained 2% (Rs 3) to Rs 128.

HPCL closed down a per cent (Rs 6) at Rs 413. Reliance moved up a per cent (Rs 6) to Rs 526. ITC (down a rupee to Rs 985) and HLL (down a rupee to Rs 200) ended at lower levels after trading with steady gains for better part of the trading session.

Infosys witnessed hectic buying towards the close, and clocked a per cent gain (Rs 73) to close at Rs 5,329. Satyam, too, closed up a per cent (Rs 4) at Rs 358 after remaining weak for better part of the trading session. Wipro, however, languished in negative territory, and finished down a per cent (Rs 24) at Rs 1,676.

Grasim moved up 2% (Rs 18) to Rs 996. ACC closed up a rupee at Rs 231. L&T and Gujarat Ambuja, however, lost a per cent each to Rs 492 (down Rs 6) and Rs 297 (down Rs 4), respectively.

Tata Motors and Hero Honda were down a per cent each at Rs 432 (down Rs 3) and Rs 408 (down Rs 4), respectively. Bajaj, however, added Rs 13 to Rs 1,110.

Cipla (down Rs 10 to Rs 1,269) and Ranbaxy (down Rs 5 to Rs 1,119) ended on a lacklustre note. Dr. Reddy's, however, ended up a per cent (Rs 9) at Rs 1,376.