The Sensex opened at 4233, lower than Friday's close of 4277. The first 40 minutes of trading saw the index dipping to a low of 4226, which was lower than the previous low of 4245. Before noon, the index touched a high of 4302, which however was lower than Friday's high of 4349. Thereafter, the index moved in a narrow band with the bottom defined around 4253-4260.

Despite repeated surges it could not cross 4302. At closing the market was on the upmove with the index closing at 4280. Day over day, it had gained just three points to close at 4280, against Friday's close of 4277. The number of advances at BSE went down from 649 to 629 with advance volume shrinking sharply from Rs 1,636 crore to Rs 360 crore. The number of declines went down from 870 to 748, with decline volume moving up from Rs 1,013 crore to Rs 1,172 crore. At the NSE, the number of advances moved down from 329 to 318, with advance volume shrinking from Rs 2,028 crore to Rs 203 crore. The number of declines went up from 493 to 586 with decline volume moving up from Rs 1,219 crore to Rs 1,657 crore.

The daily stochastic is in the buy mode. The fact that the index made a gain of only three points indicating the lack of upside drive. On the other hand, you need to note that the index closed with a gain of 47 pts from its opening level and the day's movement was narrow restricted between 4266 and 4302. This along with lower volume day over day is a positive sign. While Infosys went down marginally, the picture I get is, with no upside momentum coming into the stock, traders are just hanging on to their position. It is bound to do a slow drift downwards. The picture at HFCL is no different.

Satyam is stabilising at the bottom level. ITC is into a turmoil at its current level. Confidence has failed to build into this scrip in the last four sessions. Hindalco is lacklustre. HLL has firmed up with rise in volume. ACC and Larsen are showing strength. India Cement has failed to build up significant strength. Unless volume buying comes in the market is headed for a sideways drift.