Sensex opened moderately up at 4677.01 and later moved in a range of 4686.76 and 4614.29 before closing at 4633.00 with a small loss of 8.07 points compared to yesterday's close of 4641.07. The BSE-100 Index, however, improved by 8.74 points to 2133.50 from previous close of 2124.76.

Brokers said Infosys stocks was partly chasing gains of its American Depository Receipt (ADR) which closed at $131 at the Nasdaq Exchange on Monday. Other software shares were also rising in a traditional rally before the results season starting in October.

Select pharmaceutical scripsremained firm following sustained purchases from foreign funds. Shares like Tata Elexsi, NIIT, Silverline, Digital Equipments, Wockhardt, McDowell, Cipla, Essel Packings, Zee Telefilms, SSI, Satyam Computer and Sun Pharma were on the buy list of FIIs.

However, cyclical shares were under pressure for the second day as the domestic financial institutions continued to book profits in the Indian stocks. Operators generally made transactions in line with squaring up business on the National Stock Exchange (NSE) that had the last day of the current settlement.