The Sensex ended the day marginally higher at 21 points, while the S&P CNX Nifty closed the day higher by 4 points.
BPCL was the top gainer amongst the S&P CNX Nifty rallying more than 2% on hopes that there would be a hike in fuel prices. Other top gainers from the Nifty was Hero Motor Corp, Bajaj Auto and Bhel.
Among the losers in trade today were Bharti Airtel, Cipla, Siemens and Ranbaxy Laboratories. Shares of banking stocks ended the day mixed with Axis Bank losing ground, while ICICI Bank and State Bank of India ended with modest gains.
Heavyweight Reliance Industries ended the day with marginal gains.
Sesa Goa lost more than 1%, following reports that the Union Ministry of Environment and Forest had suspended environmental clearance of 93 Goa mines.
All eyes are now awaiting the outcome of Federal Reserve meeting to be announced later today. Expectations are that there could be a fresh round of stimulus measures in the form of QE3 later today. Markets could rally on Friday should the Fed announce such a measure.