Sensex closed almost flat with a gain of 78 points on expectations of better GDP data that is scheduled to be announced after the market hours.
The market witnessed a bout of volatility as the near month August contracts expired in the futures and options segment.
The benchmark Sensex opened on the higher side at 26,620 against the previous close of 26,560. It made a high of 26,674 and low of 26,574 before closing at 26,638.
Turnover on BSE was up at Rs 3,008 crore against Rs 2,927 crore registered on Wednesday.
On the NSE, Nifty was up 18 points at 7,954.
State-owned oil marketing companies GAIL gained two per cent to Rs 444 after the Government removed the restriction of one subsidised LPG cylinder per month for each consumer. However, the restriction of 12 subsidised cylinders per consumer per annum remains. Similarly, HPCL and Indian Oil Corporation were up one per cent at Rs 458 and Rs 360 and BPCL edged higher by two per cent to Rs 694.
Foreign portfolio investors bought shares worth Rs 290 crore on Wednesday, as per provisional data from the stock exchanges. Till August 26, FPIs purchased shares worth Rs 2,628 crore from the secondary equity market, as per SEBI data. The net inflow totalled Rs 70,871 crore in this calendar year so far.
Foreign portfolio investors’ allocation to India in coming weeks will depend on the prospects of GDP data, the global markets and rupee movement against dollar. Price of crude oil in the international markets and progress of monsoon in India will also play a crucial role in dictating the trends in the market.
Major gainers were Nalco (7%), GMDC (5%), BHEL (5%), TATA COMM (4%), Indian Hotel (4%), NHPC (4%), Infra Tel (3%), Nestle India (3%), Idea (3%), Muthoot Finance (3%) and Essar Oil (3%).
Prominent losers were Indian Bank (-5%), Bhushan Steel (-5%), IOB (-5%), JP Powere (-5%), Jindal Steel (-4%), Prestige (-4%), Havells (-4%), Andhra Bank (-4%) and JP Associate (-4%).