The BSE Sensex opened substantially higher at 4101.18 level and later fluctuated irregularly in the narrow range of 4125.10 and 4072.09 before closing at 4083.41 as against Tuesday's close of 4070.73, netting a modest gain of 12.68 points. S&P CNX Nifty also gained modestly by 4.85 points to close at 1297.90, as compared to previous close of 1293.05 points.

Dealers said that FIIs have adopted a swap approach as far as Infosys counter was concerned, they were seen selling other new economy stocks like Silverline, Pentamedia Graphics and Digital Equipment to accumulate the Infy stock. HFCL, the most active stock at BSE, rose by Rs 22.50 to Rs 1,115.55.

Infosys Technologies was up by Rs 202 to Rs 6,301.90, Satyam computers gained by Rs 4.55 to Rs 384.55, Bhel rose by Rs 2.10 to Rs 152.85, Grasim was up by Rs 10.35 to Rs 310.15, GACL by Rs 7.65 to Rs 161.65, HLL by Rs 4.20 to Rs 204.10, ITC gained by Rs 5.30 on expectation of good result to close the day to Rs 872.70 and L&T gained by Rs 2.75 to Rs 208.05.

However, Global Tele declined by Rs 12.20 to Rs 639.15, SSI Ltd was down by Rs 13.70 to Rs 1,191.45, Colgate lost Rs 2.95 and closed at Rs 174.85, HPCL was down by Rs 2.80 to Rs 163.90, Hindalco dipped by Rs 7.30 to Rs 762.30, Nestle by Rs 11.60 to Rs 490.70, NIIT was down by Rs 11.05 to Rs 1,620.85, Ranbaxy by Rs 7.10 to Rs 632.20, RIL was down by Rs 7.20 to Rs 361.90, Pentamedia Graphics was down by Rs 10.65 to Rs 234.15, Silverline lost Rs 9.35 to Rs 207.90 and Digital Equip dipped by Rs 22.20 to Rs 519.