Stocks consolidated at 4-month highs on Wednesday ahead of the outcome of the Reserve Bank of India's monetary policy statement to be unveiled later in the day. Investors preferred the sidelines in a market that has surged 6 per cent in a month.

Meanwhile, the benchmark Nifty rose 10 points to 8,778 points in the second hour of the session as traders refrained from aggressive tactics ahead of the RBI's meeting. Broader markets were flat but were coated in a mild shade of green. Private banks were under pressure.

Overseas cues were flat to mildly positive.

Here are the major trading events of the day:

* The Sensex gained 7 points to quote at 28,342 points on the Bombay Stock Exchange. Cipla was the top gainer while Bharti Airtel lost the most. Tata Steel was the top traded share by volume.

* Ambuja Cement, ACC, Zee Entertainment, Bharti Infratel and Grasim rose between 1.8-2.3 per cent and were among 34 gainers on the Nifty.

* Axis Bank, ICICI Bank, ITC, Bharti Airtel and Dr. Reddy's fell 1-2.1 per cent and were among 16 losers on the Nifty.

* Titan, Tata Steel and Indiabulls housing Finance were the top traded stocks by value.

* Ashok Leyland, NHPC and Kopran were among the most active securities tracked by volume.

* Modest gains were seen on Power Finance Corp, HPCL and Container Corp.

* On the losing side of the market were Punjab National Bank, Oracle Financial, Bajaj Finance and Shree Cement.

* The Nifty 100, 200 and 500 indices traded flat, up just 0.1-0.15 per cent. 

* The Media Index, up 1.2 per cent, was the top gainer among the sectoral benchmarks. The Auto, Metals and Realty stocks rose marginally too. Shares in FMCG, Financial Services and the banking sector were down on selling pressure.

* Overall, the bulls retained control of sentiment on Dalal Street with 966 shares rising compared with 600 that fell.