The BSE Sensex opened firm at 4074.32 and rose to the day's high of 4080.14 at early stages. It fell back to the intra-day low of 4018.24 due to selling, before closing at 4046.76 as against last Friday's close of 4036.58, netting a small gain of 10.18 points. S&P CNX Nifty however remained static at 1286.75 points. Refinery stocks remained in keen demand along with other old economy stocks, particularly Tata Steel, which attracted hectic buying on expectations of encouraging working results ahead of the company's board meeting on Tuesday.

The Sensex would have been benefited immensely from a smart rise in the new economy trend-setter had it not been for sharp to moderate losses recorded by other heavyweights like HLL, ITC, MTNL, L&T, Zee Telefilms and ACC. Dealers said the market was still bullish, but did not forsee any price rally unless the film financier and diamond merchant Bharat Shah-issue was resolved. The arrest of Bharat Shah, however, continued to cast it's long shadow on the media and communication counters with some of these stocks hitting a new 52-week low due to consistent selling pressure, they added.