The BSE Sensex closed the day higher by 21 points, while the Nifty gained 11 points to close at 5240 points. Among the shares that gained ground today were Cipla, which surged more than 4%, following a spectacular set of results posted by the company. Jaiprakash Associates was also in the limelight, after the company reported a decent financial performance for Q1 2013. Ambuja Cements, Kotak Mahindra and Reliance Infrastructure were the other prominent gainers.

Deccan Chronicle lost as much as 10%, following reports that the Karvy had filed a case of forgery against the company. Other shares that lost ground amongst the S&P CNX Nifty were Coal India, Sesa Goa and TCS.

Meanwhile, European markets were trading marginally up, ahead of the Federal Reserve Policy statement later in the day. ECB officials are slated to meet later on Thursday to chalk out key issues pertaining to solving the problems in the Eurozone.

Trading for the remainder of the week is likely to remain volatile, ahead of key central bank decisions.

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