The beanchmark Sensex had gained 632.35 points to hit a day's high at 15,465.81 on fresh inflows in the early trading session after reports of US Federal Reserve cutting the key interest rate by 75 basis points. It failed to hold the heights for a longer duration and slipped down due to extended profit booking interest as well as lack of enough buying interest in the market. Market followed the similar trend on the second straight day by erasing the early gains in late trade, brokers said adding, however, the key indices of the Indian bourses closed the session on positive note as most of the Asian markets traded on firm note today.
The broader based Nifty Index of National Stock Exchange touched a day's high at 4,718.75 in early trade, gained 185.75 points from its previous close of 4533.00 but ended the day with a positive gap of just 40.95 at 4573.95.
Meanwhile, the BSE Midcap and Smallcap, which were positive in the opening session, ended the day in red, 1.16 per cent low at 5,964.10 and 1.97 per cent low at 7,222.20 respectively underperforming the Sensex in late trade.
Sectoral indices on BSE were mixed today as power, consumer durables and reality index closed in negative zone and rest closed with a marginal gains. IT and auto stocks gained. Realty stocks fell. Satyam Computer Services and Tata Motors were major gainers from Sensex pack.
The market breadth turned negative in contrast to a strong breadth earlier in the day. Moreover, traders continued to refrain from building large positions. The BSE posted a turnover Rs 5766 crore against Rs 6,971.56 crore in the previous session.
The market will remain closed tomorrow on account of Id-E-Milad and on Friday on account of Good Friday.
Heavyweight stocks Reliance Industries rose 0.25 pc to Rs 2,150.80. Reliance Communications gained 1.82pc to Rs 506.45. The company is reportedly planning to set up WiMax networks across 50 countries in the next three years to move into the global telecommunication market. To get a headstart, the telecom major is planning to acquire a European WiMax operator in a USD 300-400 million deal.
Among other major gainers were Bharti Airtel up 2.59 pc to Rs 777.75), HDFC Bank up 3.11pc to Rs 1,270.05, Larsen&Toubro up 2.72pc to Rs 2,839 and Ambuja Cements up 3.11pc to Rs 122.85.
Hindalco Industries declined 4.09 pc to Rs 154.95, Hindustan Unilever came down 2.49pc Rs 225.30, Reliance Energy slipped 1.72 pc to Rs 1,206.50, ICICI Bank declined marginally to Rs 766.35 and Grasim Industries lost 1.35pc to Rs 2,595.05, were the major losers of the Sensex pack.
Realty stocks exteded the losses today, Unitech declined 3.79pc to Rs 266.50, DLF slipped 2.17pc to Rs 621 and Indiabulls Real Estate tumbled 1.43pc to Rs 445.