After surging over 350 points yesterday, the 30-share Sensex saw choppy trade today before settling at 16,175.86, a mere 10.77 points up from its previous close.
Brokers said the market sentiment remained jittery a day before the beginning of earnings season, while some buying in fundamentally strong stocks cushioned every fall in markets. Market leader RIL rallied by 1.80 per cent, helping key index to end the day in the in positive terrain.
Hindalco, Tata Steel, Sterlite, SBI, ICICI Bank too were in demand.
However, selling pressure in IT stocks Infosys, TCS and Wipro overshadowed the gains. Analysts expected a rise in the net profit of Infosys in rupee terms, but are concerned over the economic crisis in developed countries which contribute a major part of its revenue.
Tier II stocks attracted heavy investment buying interest at lower levels from retail investors and as a result BSE Smallcap at 1.32 per cent and BSE-Midcap at 1.00 per cent outperformed the Sensex.
Retailer companies like Pantloon, Shopper Stop, Trent, V2 Retails and Kouton Retails rallied after the government yesterday notified 100 per cent FDI in single brand companies.