MUMBAI: Weak global cues saw the Sensex open on a flat note at 17,167 and dropped to a low of 17,061 in early noon deals. Buying at lower levels saw the index move up to a high of 17,195, an intra-day gain of over 130 points. The Sensex finally closed on a flat note (down two points) at 17,165. The Nifty was down eight points at 5,129.

The BSE PSU index declined over 1% after the government fixed the NMDC FPO price at Rs 300 per share, which was the lower end of the price band of the issue. Breadth was bearish - out of over 2,890 scrips traded, over 1,830 declined.

Wipro gained nearly 3% at Rs 728. HUL was up nearly 3% at Rs 225. Jaiprakash, TCS, Infosys, Reliance and NTPC also closed with gains.

M&M dropped nearly 3% to Rs 1,105. Reliance Infra was down over 2% at Rs 975. Sun, ACC, SBI and ONGC also declined.

Total market turnover (BSE+NSE) was nearly Rs 76,000 crore. Man Infra was the most active counter on the BSE with a turnover of Rs 124 crore followed by Texmo Pipes (Rs 98 crore) and Aban Offshore (Rs 97 crore).