Sensex (BSE sensitive index) dropped from the day's high of 3360.19 to 3298.42 before closing at 3313.40 with a minor gain of 5.91 points compared to the previous level of 3307.49. The BSE-100 index edged up by 3.36 points to 1457.68 from previous close of 1454.32.

Brokers said FIIs were buying in select scrips like E Merck, Glaxo, Novartis, Ranbaxy, German Remedies, Digital Equipment, Satyam Computer, Indian Shaving Products and Tata Tea. Some leading Indian funds too were continuous buyers in select scrips. Petroleum stocks like BPCL and HPCL remained in the limelight while Infotech stocks showed marginal movement.

The total turnover increased marginally to Rs 1579.11 crore compared to yesterday's turnover of Rs 1568.94 crore. ITC stood first in the list of turnover by registering highest turnover of Rs 223.60 crore,followed by Tata Tea Rs 152.28 crore, Pentafour Rs 150.95 crore and Satyam Rs 92.15 crore.

On the National Stock Exchange (NSE), pivotals opened on a positive note, moved in a narrow range and closed slightly higher. The S&P CNX Nifty index edged up by 0.60 points to 960.05 from 959.45 of the previous day. The total turnover stood at 2,371.53 crore and 525 securities advanced, 494 declined while 115 remained unchanged. 86 securities have hit their price bands.