The Sensex opened with a positive gap of 17 points at 8,913, and touched a high of 8,932 in early deals.
Profit-taking saw the index drop into negative zone, and touch a low of 8,826 in noon deals - an intra-day swing of 106 points.
A steady recovery from lower levels saw the index recoup lost ground, and finally close with a gain of 11 points at 8,906.
The Nifty closed with a gain of 14 points at 2,707.
Cipla gained 3.5% (Rs 14) to Rs 427.
TCS moved up 1.5% (Rs 24) to Rs 1,619. Infosys added Rs 18 to Rs 2,818. While Satyam was down Rs 2 at Rs 664, Wipro was down a rupee at Rs 435.
ONGC added 1.3% (Rs 14) to Rs 1,094. Reliance was up Rs 2 at Rs 846. HLL was up a notch at Rs 188, but SBI was down a rupee at 886.
Bajaj advanced Rs 24 to Rs 2,014. Maruti was up Rs 6 at Rs 625, and Tata Motors moved up Rs 5 to Rs 564.
BHEL was up Rs 17 at Rs 1,384. Bharti was up Rs 5 at Rs 351. ACC, Gujarat Ambuja, Tata Power and Hindalco also finished with gains.
HDFC dropped 1.5% (Rs 16) to Rs 1,104. L&T declined 1.3% (Rs 23) to Rs 1,688. Grasim was down Rs 17 at Rs 1,359.
HDFC Bank, ICICI Bank, Ranbaxy, Dr. Reddy's and Tata Steel also declined.