The BSE-30 share Sensitive index moved in the band of 2,787.90-2,845.16 points (the intra-day's low and high) and finally closed at 2,845.16 points with a net gain of 12.12 points. Volumes on the BSE took a severe beating with the total turnover falling below the Rs 1,000-crore mark at Rs 890.21 crore. The S&P CNX Nifty index closed at 832.25 points, registering a net loss of 1.60 points.

According to market sources, UTI continued to be a seller at the ITC counter. However, a leading US-based fund was rumoured to have picked up considerable chunk of ITC, which reflected on its price. The stock was traded in the band of Rs 704.25-720, to finally consolidate at Rs 718, with a turnover of over Rs 270 crore on the local bourses. Market was rift with rumours that the companywill register a smart recovery in the second quarter. Speculation in terms of its profits ranged from 5 per cent to over 23 per cent, which was fuelled by rumours of leading FIIs like Morgan Stanley building fresh positions at the counter. On the GDR front, ITC was traded at $19.25, registering a loss of 1.28 per cent. However, the GDR continues to be traded at a premium of 13 per cent over its underlying stock price.

Interestingly, domestic institutions turned net buyers on the local bourses. FIs net purchases stood at Rs 32 crore, while the FIIs continued to be net sellers to the tune of Rs 10 crore.

``Performance related buying and offloading continued to be a prominent feature of the day with 23 A group companies declaring their second quarter numbers today,'' said a BSE broker.

``Investors are, however, confused and directionless,'' he added in the light of the falling volumes and business restricted to select counters. GDR markets also mirrored the `wait and watch' attitude adopted by marketmakers. The Skindia GDR index was traded at 523.33 points registering a meagre loss of 0.57 per cent.

Raymond hogged the limelight, with the volumes on the counter touching a high of Rs 33.82 lakh shares on the BSE and about 22 lakh shares traded on the NSE. The stock also shot up over 5 per cent to close at Rs 68 levels.