The Sensex gained over 318 points in early morning trade on the back of positive global cues but it ended with a moderate gain of only12 points.

The Bombay Stock Exchange’s benchmark Sensex closed 12.32 points up at 19,091.96. It touched the day’s high of 19,397 and a low of 18,886.

The National Stock Exchange index, Nifty, closed 8.85 points up at 5,751.15. It touched the day’s high of 5,840.80 and a low of 5,676.70.

The BSE Midcap Index closed 0.15 per cent lower at 9,080.39 while Smallcap index gained 0.82 per cent to 11,915.36.

The major index fallers: BSE realty index was down 0.44% at 11603.26; BSE auto index was down 0.70% at 5525.64; BSE oil & gas index was down 0.23% at 12280.80

The major index gainers: BSE metal index was up 0.69% at 18202.10; BSE IT index was up 0.44% at 4181; BSE power index was up 0.18% at 4222.80

The major Sensex gainers were Reliance Energy (up 4.12%), ONGC (2.65%), ICICI Bank (1.79%), Infosys Technologies (0.99%), Tata Consultancy Services (0.96%) and ITC (0.94%).

While, Losses are ACC (down 3.4%), HDFC (2.44%), Maruti Suzuki (2.39%), State Bank of India (1.97%), Grasim Industries (1.68%) and Tata Motors (1.59%).

Sachin Chavan, an independent technical analyst said, “It was a 'dead cat bounce' after the market closed lower for four consecutive sessions. It is not an indication of market bottoming out and there is a possibility of further fall.”

He further added that the volatility is likely to continue and the market will take direction once the earnings season begins.