Sensex closed flat with a gain of six points even as metal and power company shares plunged following the Supreme Court order on mine allocation.

The benchmark index opened weak at 26,350 against the previous close of 26,437. It made high of 26,482 and low of 26,315 before closing at 26,443. Turnover on BSE was down at ₹2,802 crore against ₹2,888 crore recorded on Monday.

In NSE, Nifty was down two points at 7,905.

Reliance Power slumped seven per cent to ₹77 even as the company said during market hours that the fifth 660 megawatts unit of the 3,960 MW Sasan Ultra Mega Power Plant commenced power generation. The last unit is in advanced stages of construction and will be commissioned over the next few months, it said.

Reliance Power's generation capacity has increased to 5,185 MW which includes 5,100 MW of thermal capacity and 85 MW of renewable energy based capacity.

Mahindra & Mahindra lost 0.45 per cent to ₹1,400 as the Competition Commission of India levied a penalty of ₹292.25 crore on the company. M&M on Tuesday said it will appeal against the Competition Commission order before the appropriate forum. The Commission on Monday levied a total penalty of ₹2544.64 crore on 14 car makers.

The stock market may remain volatile in the near future as traders roll over positions in the futures and options segment from August 2014 series to September 2014 series. The near-month August F&O contracts expire on Thursday, 28 August 2014.

Major gainers were Havells (9%), Bajaj Finsv (5%), Pidilit Indus (5%), GSK Cons (4%), Emami (4%), Godrej Consumer (4%), Hindalco (4%), Petronet (4%), Apollo Hospital (3%) and M&M Fin (3%).

Prominent losers include Reliance Power (-7%), Adani Power (-6%), Jindal Steel (-6%), JP Power (-5%), Bhusan Steel (-5%), Finantech (-5%), JP Associate (-5%), Pipava Dock (-5%) and Suzlon (-5%).

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