Reflecting the absence of institutional participation coupled with attempts made by local punters to meet their end of account considerations on the NSE, the BSE-30 share sensitive index continued to remain volatile. In the final countdown the index closed at 2,976.58 points registering a meagre gain of 3.21 points.

The index once again tested the crucial barrier of 2,987 levels, however failed to get support at this level. Satyam Computers, Novartis, Castrol and Glaxo were the most active counters, with the stocks witnessing a price difference of over Rs 20 between BSE and NSE.

Interestingly, the price gap at the Satyam Computers counter widened during the post closing session on the NSE. A single deal of one lakh shares executed at Rs 660 during the post closing session saw the counter close at a premium of Rs 20 on the NSE. The stock closed at Rs 639 on theBSE.

Similarly, Castrol closed at a premium of Rs 8 on the NSE at Rs 708 against BSE's close of Rs 700 and Novartis closed higher on the NSE, at Rs 889 while on the BSE its price was pegged at Rs 867.

However, Glaxo was higher on the BSE at Rs 622, while on the NSE the stock closed at Rs 617. It is learnt that a concerted effort was made to hammer down the price of Glaxo during 1.30 pm to 2 pm. The stock lost Rs 20 in a short span of 5 minutes to trade at the day's low of Rs 605. Hindustan Lever also closed at a premium of Rs 12 on the BSE at Rs 1,669.50.

"Sebi's figures on FII investments in Indian markets has brought in good news for the markets," said a veteran BSE broker in the light of the figures released on Tuesday evening. FIIs have been net buyers on the local bourses to the tune of Rs 235.1 crore during the week ended December 18.

Interestingly, on Tuesday, while domestic institutions were net sellers to the tune of Rs 24 crore, FIIs were net buyers. They bought stocks worth Rs 5crore.

According to market sources, speculative activities were concentrated at the counter of Infosys Technologies. The stock witnessed a roller coaster move to be traded in the band of Rs 2,900 and 3,100 however closed at Rs 2,960 with the volumes touching a high of 1.48 lakh shares on the NSE.

Stray purchases by FII was rumoured to have been executed at the counters of Bharat Petroleum. The stock shot up by 6.8 per cent to close at Rs 222.90 amidst phenomenal volume rise. The counter clocked a volume of over 9.5 lakh shares on the local bourses.

While company officials denied the sale of its steel division, the Raymond counter witnessed substantial bull liquidation. The stock registered a low of Rs 83 to finally close at Rs 85.

After the brisk gains made at the GDR markets, pivotals like Reliance, Tisco and ITC inched up during the day on the BSE. Reliance closed at Rs 118.80, while Tisco closed at Rs 108.20 and ITC closed at Rs 714.