Positive contributors to Sensex were Infosys, ICICI Bank, L&T, ITC and HDFC, while Reliance, SBI, ONGC, HUL and NTPC were the negative contributors.
When the market closed, Nifty ended up 13.65 points or 0.28% at 4870.05.
Sun Pharma with 2.37pc gain,Rs 1,571.95 maintained its position as the top gainer, along with DLF at Rs 289.85 up 1.67pc ICICI Bank at Rs 845.35 up.
However, Maruti Suzuki at Rs 1,336.85 down 3.24pc, Reliance Infra at Rs 975.45 down 1.32pc M&M at Rs 980.45 down 1.25pc, Hero Honda at Rs 1,691.55 down 0.8pc and Tata Motors at Rs 699.10 down 0.83pc 1.64pc, Sterlite Ind at Rs 758.75 up 1.58pc and HDFC at Rs 2,513.20 up 1.29pc were on the top losers.
Top losers on the BSE Midcap: Infotech Enter, Rashtriya Chem, Educomp Sol, IBN18 Broadcast and Guj Ind Power declined 4 to 5pc.
Top losers on the BSE Smallcap: Ushdev Int, Dhampur Sugar, Gee Kay Finance and HBL Power slipped 4 to 17pc.
After opening red, Nifty almost recovered the early losses and was trading marginally in green. Banks, pharma, metal and IT stocks continued to witnessed buying interest, while auto stocks were under pressure.
At 13.03 pm, Sensex was up 40.00 points or 0.25pc at 16277.05, and the Nifty up 15.00 points or 0.31pc at 4871.40.
In the largecaps, top gainer was Sun Pharma. ICICI Bank, Grasim, HDFC and Sterlite Industries gained more than 1pc each.
However, auto majors, Mahindra and Mahindra, Maruti Suzuki, Hero Honda and Tata Motors were trading in red.
Tech major Infosys was trading at Rs 2,574.20 up 0.23pc from its previous close of Rs 2,568.25. Refinery major HPCL was trading at Rs 361.05 down 0.44pc from its previous close of Rs 362.65.
Top gainers on the BSE Midcap: Monsanto India, Bajaj Holdings, JagranPrakashan, JSL and Sun Pharma Adv gained 3 to 6pc.
Top losers on the BSE Midcap: Asian Star, Infotech Enter, Bajaj Hindusthan, Shree Renuka and Rashtriya Chem tanked 3 to 7pc.
Top gainers on the BSE Smallcap: Hind Nat Glass, Cambridge Solutions, Atul, Cholamandalam and Websol Energy shot up 5 to 10pc
Top losers on the BSE Smallcap: AP Paper Mills, Ushdev Int, Ador Welding, Dhampur Sugar and Subhkam Capital dipped 5 to 19pc.
Sensex recovers; tech, metal gain
Market recovered most of the losses after trading in red in the opening session. Buying continued in IT, banks, pharma, power and metal stocks. Realty which was under pressure too witnessed buying interest.
At 9:57 am, Sensex was up 43.97 points or 0.27pc at 16281.02, and the Nifty up 9.60 points or 0.20pc at 4866.00.
Top gainer in the largecaps was Axis Bank with more than 1.6pc gain. IDFC, Siemens, Wipro and BHEL shot up 1 to 1.3pc.
However, HUL dipped more than 1pc and ONGC, Cipla, ITC and Ranbaxy Labs tanked less than 1pc were the losers.
Hindustan Lever was trading at Rs 242.80 down 0.9pc from its previous close of Rs 245.00. Index heavyweight Reliance was trading at Rs 978.80 down 0.01pc from its previous close of Rs 978.90.
Tech major Infosys was trading at Rs 2,583.15 up 0.58pc from its previous close of Rs 2,568.25. Cigarette major ITC was trading at Rs 246.45 down 0.32pc from its previous close of Rs 247.25.
Refinery major HPCL was trading at Rs 368.20 up 1.53pc from its previous close of Rs 362.
The new listing Aqua Logistics was up more than 8pc with huge volumes.
Top gainers on the BSE Midcap: Monsanto India, JSL, Ruchi Soya, Bombay Dyeing and Religare Enterp gained 3 to 8pc.
Top losers on the BSE Midcap: Asian Star, BOC India, Rashtriya Chem, Texmaco and Shree Renuka lost 2 to 5pc.
Top gainers on the BSE Smallcap: Sahara One, Hind Nat Glass, Hinduja Venture and Mahindra Forging shot up 4 to 10pc.
Top losers on the BSE Smallcap: AP Paper Mills, Hatsun Agro, Ushdev Int, Kalindee Rail and Kernex Micro slipped 5 to 19pc.
Nifty opens red; Reliance Infra dips
Market opened marginally red. While buying interest were seen in IT, metal and auto stocks, realty stocks remained under pressure for the second day.
At 9:02 am, the Sensex was down 29 points or 0.18pc at 16,207 and the Nifty was down 15 points at 4841.
Mahindra Forgings shot up 4pc post QIP opening on Feb 22 night.
Religare surged 4pc post news of company looking to acquire US based company Northgate Capital for $200 million.
Top losers in the early trade were, Unitech, Maruti Suzuki, M&M, L&T, Reliance Infra, JP Associates, Ambuja Cements, HUL, ITC, Cipla, Sterlite Industries, HCL Tech and Suzlon Energy.
Top gainers on the BSE Midcap include, KGN Industries, Religare Enterp, Ruchi Soya, Shree Cements and JSL with a gain of 2-5 pc.
Top losers on the BSE Midcap were Rashtriya Chem, UB Holdings, Texmaco, Simplex Infra and HMT with 3 to 5pc lost.
Top gainers on the BSE Smallcap, were OCL Iron, Prime Securities, PNB Gilts, Aegis Logistics and Simplex Project with 3 to 5pc surged.
Top losers on the BSE Smallcap: Ushdev Int, AP Paper Mills, Hatsun Agro, Lloyds Metals and Rollatainers declined 6 to 20pc.
Asian market was trading lower. Shanghai Composite dipped 2pc. Hang Seng, Nikkei 225, Straits Times, Seoul Composite and Taiwan Weighted slipped 0.5pc to 1.5pc.
The Wall Street ended slightly lower as investors held back ahead of congressional testimony by Fed chairman Ben Bernanke. The S&P 500's 50-day moving average provided support.