The markets suffered a severe blow in the opening bell as the index, which crashed 124 points to open at 5,234 following the news of NDA losing out to Congress in early counting, plunged deep into the red to touch an intra-day low of 5,131 on across-the-board selling.

However, mid-morning trades witnessed a total turnaround as the index, on the back of renewed buying, barring PSUs, in old and new economy stocks bounced back into the green to touch an intra-day high of 5,487.

While the markets moved in a range-bound mode thereafter, the Sensex led by gains in heavyweight, tech, cement and other select old economy counters, finally ended with a gain of 41 points at 5,399.

The Nifty bounced from a low of 1,625 to end six points up at 1,717.

Reliance advanced nearly 3% (Rs 15) to Rs 511. ITC gained 1.82% (Rs 17) to Rs 947. HLL, however, was down a rupee at Rs 142.

Infosys scaled up 2.14% (Rs 109) to Rs 5,199. While Wipro spurted 4.93% (Rs 75) to Rs 1,604, Satyam shot up 5.17% (Rs 15) to Rs 312,

Grasim shot up 3.89% (Rs 43) to Rs 1,155. While Gujarat Ambuja added 2.25% (Rs 7) to Rs 323, ACC was up a per cent (Rs 4) at Rs 281. L&T ended off-highs with a modest gain of Rs 2 at Rs 544.

Bajaj clocked a per cent gain (Rs 8) at Rs 944. Tata Motors also ended with gains at Rs 446 - up Rs 6 or 1.27%. Hero Honda, however, lost 2.69% (Rs 12) to Rs 451.

Ranbaxy logged 2.30% gains (Rs 23) to Rs 1,036. Dr. Reddy's and Cipla ended with marginal gains at Rs 845 and Rs 262, respectively.

Bharti moved up 4.30% (Rs 7) to Rs 160. While Tata Power jumped 4.26% (Rs 15) to Rs 361, Tisco was up a per cent (Rs 2) at Rs 318.

Hindalco, however, dropped 2.31% (Rs 22) to Rs 945. While ONGC lost 1.48% (Rs 12) to Rs 825, Zee dipped 3.20% (Rs 4) to Rs 124.

HPCL slumped 7.15% (Rs 29) to Rs 380. While MTNL crashed 8.63% (Rs 13) to Rs 133, BHEL ended lower by 2.20% (Rs 13) to Rs 562. SBI shed 2.70% (Rs 17) to Rs 604.