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Select stocks gained on Indian stock markets on Wednesday even as investors remained cautious ahead of US Federal Reserve decision on interest rate. In Picture: A stockbroker uses his terminal to trade at a brokerage firm in Mumbai September 30, 2008 (representational image)Reuters file

Shares of information technology companies gained in a range of 0.60 percent to 5 percent on Wednesday on the Bombay Stock Exchange (BSE), while the benchmark equity indices closed flat ahead of interest rate decision by the US Federal Reserve.

Sonata Software was the biggest gainer, up 5.11 percent at Rs 157.50, while Infosys and Wipro ended with gains of 0.60 percent and 0.64 percent at Rs 1,056.70 and Rs 483.25, respectively. Tech Mahindra shares closed 0.13 percent lower at Rs 462.35.

The BSE IT index ended 0.29 percent higher, while the BSE Sensex closed 16 points down at 28,507. Top Sensex losers included Power Grid Corporation, State Bank of India, ITC and ICICI Bank.

Yes Bank shares gained 1.09 percent to close at 1,217.70 after a series of losses over its failed private placement of shares. The stock has lost 15.48 percent from its 6 September closing of Rs 1,440.

ICICI Bank subsidiary ICICI Prudential Life Insurance Company ended its initial public offering (IPO) with over-subscription of 10.42 times on the closing day (Wednesday) after a lukewarm response in the first two days.

The private insurer raised Rs 1,635 crore from anchor investors by selling 48.96 million at the upper end of the price band from institutional investors including GIC Private Limited (formerly Government of Singapore Investment Corporation), Morgan Stanley Mauritius Co. and Goldman Sachs (Singapore).

The broader, 50-scrip NSE Nifty remain almost unchanged at 8,777. Foreign institutional investors (FIIs) were net buyers of Indian equities worth Rs 183.85 crore, according to provisional data released by the National Stock Exchange (NSE).