The Sensex, after opening with a gain of 21 points at 5,546, displayed volatility throughout the session.

After touching the day's high of 5,561 in mid-morning deals, the index eased thereafter, as fresh correction in select old and new economy stocks dragged it to an intra-day low of 5,483 in mid-afternoon trades.

The sentiment, however, turned bullish towards the closing hours as renewed buying in select old and new economy counters saw the Sensex gaining 11 points to finish at 5,536.

The Nifty, after touching an intra-day high of 1,765, ended up a point at 1,750.

While 16 Sensex stocks advanced, 14 declined on Wednesday.

Infosys gained 1.69% (Rs 83) to close at Rs 5,033. While Satyam moved up 1.12% (Rs 3) to Rs 301, Wipro was up Rs 7 at Rs 1,469.

ONGC advanced 2.28% (Rs 19) to Rs 853. Tisco and Tata Power, too, ended at higher levels at Rs 372 (up Rs 6 or 1.57%) and Rs 395 (up Rs 3), respectively. Zee surged 4.10% (Rs 5) to close at Rs 121.

SBI added 1.29% (Rs 7) to close at Rs 579. HPCL ended with a modest gain of Rs 3 at Rs 493. While BHEL slipped from higher levels to end with a loss of 1.42% (Rs 8) at Rs 565, MTNL shed 1.48% (Rs 2) to Rs 136.

Bajaj firmed up on sustained buying support, and advanced 4.28% (Rs 35) to Rs 855. Tata Motors added 1.43% (Rs 7) to Rs 467. Hero Honda, however, ended weak with a loss of 2.70% (Rs 13) at Rs 467.

L&T rose 2.26% (Rs 13) to Rs 572. While Gujarat Ambuja moved up 2.60% (Rs 7) to Rs 290, ACC was up a per cent (Rs 2) at Rs 248. Grasim ended 1.99% lower (Rs 21) at Rs 1,021.

HLL dropped 4.60% (Rs 7) to end at Rs 144. While ITC was marginally down by Rs 4 at Rs 1,082, Reliance also ended weak at Rs 540 - down Rs 2.

Cipla slipped from an intra-day high of Rs 1,227 to end with a marginal loss of Rs 2 at Rs 1,196. Dr. Reddy's ended down a per cent (Rs 8) at Rs 989. Ranbaxy shed Rs 5 to finish at Rs 952.

HDFC (down Rs 19 or 3% to Rs 591), HDFC Bank (down Rs 6 or 1.71% to Rs 355) and Reliance Energy (down Rs 12 or 1.72% to Rs 707) ended at lower levels.