(RTTNews) - The Indian market ended a volatile session on a flat note Tuesday as investors stayed on the sidelines amid weak global cues.

The benchmark BSE Sensex, which hovered in negative territory throughout the session, fell to as low as 16,883 in the afternoon before finishing at 17,051, up 18 points or 0.11%, and the S&P CNX Nifty rose by 4 points to 5,062. Gains in IT stocks were offset by declines in realty, oil/gas and public sector stocks.

On the BSE, the mid-cap index closed almost flat, while the small-cap index ended up 0.22%. The market breadth was slightly negative, with 1392 decliners versus 1328 gainers.

IT stocks bucked the downward trend on improving business outlook. Infosys advanced nearly 2%, TCS rallied 3.67% and Wipro edged up 0.96%. However, Mahindra Satyam fell over 2% on reports the Serious Fraud Investigation Office (SFIO) will begin prosecution proceedings in the multi-crore Satyam fraud case this month.

In the metal sector, SAIL rose 1.82% on reports it is looking at acquiring both operation and exploration licenses for coking coal mines overseas. Gujarat NRE Coke rallied 3.49% after receiving shareholder nod to raise fresh funds up to $60 million. Hindalco Industries gained 0.60%, Tata Steel added 0.52% and Sterlite Industries ended up 0.49%.
Among the other prominent gainers, Hero Honda Motors moved up 2.41%, Reliance Infrastructure by 1.89%, HDFC Bank by 1.47% and Hindustan Unilever by 0.69%.

Market heavyweight Reliance Industries slipped 0.65% after its annual general meeting. Telecom stocks ended lower amid reports the 3G pre-bid conference held on Monday provided little clarity on policy-related queries raised by the prospective bidders. Bharti Airtel fell 1.75%, Reliance Communication eased 1.73% and Idea Cellular declined 1.36%.

Among pharma stocks, Glenmark Pharma jumped 5.37% after it settled a patent litigation with U.S-based Medicis Pharmaceutical Corporation. Sun Pharmaceutical Industries fell 1.40% even as it received a tentative approval for its abbreviated new drug application for generic Gleevec from the U.S drug regulator.

Zuari Industries added 1.29% on reports it plans to build a $900 million fertilizer plant in Karnataka. Jaihind Projects showed a modest gain on bagging a new contract worth Rs. 14.05 crore from BPCL. Retailer Shoppers Stop edged up 0.88% on reports about its investment plans. Accentia Technologies advanced 2.69% after it launched two techno-lodges in Kerala.

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