After a good start and a subsequent bright spell in positive territory, the market pared most of its gains and ended modestly higher on Thursday.
Though bargain hunting and firm Asian markets pushed up stocks early on, weak European markets triggered some selling as the day progressed.
The Sensex, which rose to 16,240, ended at 16,066.86 (provisional) with a gain of around 37 points or 0.23%.
The Nifty closed at 4871.85, up 13.60 points or 0.28%.
Capital goods, consumer durables and automobile stocks ended weak.
Power, pharma and bank stocks pared most of their gains.
IT stocks ended flat.
FMCG stocks had a good outing.
Realty, metal and oil stocks found some support.
Midcap and smallcap stocks failed to hold at higher levels.
The market breadth was almost even at close.