Stocks consolidated at 16-week highs on Thursday as investors digested the previous day's 1.8 per cent advance that happened due to a well-thought budget presentation by Finance Minister Arun Jaitley.

The Nifty dropped 21 points to quote at 8,695 points, its highest level since October 25. Other major indices mostly dipped as well in the wider market as investors reworked the math on valuations.

Here are the major events of the trading day:

* The Sensex fell 60 points to 28,082 points on the Bombay Stock Exchange. Bharti Airtel was the top gainer while Tata Motors lost the most. Tata Motors was also top traded share by value on the Sensex.

* Hindalco, Mahindra & Mahindra, Bosch, Tata Motors and IndusInd Bank dropped 1.9-1.6 percent and were among 31 shares that fell on the Nifty.

* Idea Cellular, Bharti Airtel, NTPC, Tech Mahindra and BPCL rose 1.8-3.1 percent and were among 20 shares that rose on the Nifty.

* Bharat Financial, Idea Cellular, ITC and ICICI Bank were the top traded shares by value on the Nifty. Nearly Rupees 700 crore worth of Bharat Financial shares changed hands in the first two hours of trade.

* Idea Cellular was the top traded share by volume ahead of its planned merger with larger rival Vodafone India.

* Broader market was under the grip of mild profit booking with the Nifty 100, 200 and 500 indices dropping 0.1-0.2 per cent. The mid cap and small cap indices inched higher.

* Mild gains were seen on IT and FMCG stocks along with pharma shares while banks, realty, media and metals shares dropped lower.

* Overall, the sentiment was evenly matched with 1,308 shares rising versus 1,163 that fell in the wider market.