The talks took place at the residence of Jamiat Ulema-i-Islam (JUI-F) leader Akram Khan Durrani at around 10.30 p.m., Dawn news reported.
The discussions were held in two phases.
Defence Minister Pervez Khattak, who led the government side, said the first phase talks - which lasted around two hours - were held "in a cordial environment". "Both sides put forward their recommendations," he had said.
But, after the second phase of discussions concluded without any headway, he said: "No important conclusion could be brought about today even after much discussion. But talks will continue."
From the opposition camp, JUI-F leader Durrani said "no conclusion could be arrived at".
The opposition agreed to hold talks with the government team after Khan on Wednesday announced that he would allow the march to proceed as long as parameters laid out by courts for a lawful protest were not breached.
JUI-F chief Maulana Fazl had announced in June that his party had decided to hold an anti-government long march to Islamabad in the month of October in a bid to topple the government, which he sad had come to power through "fake" elections.
Fazl had first set October 27 as the date for the long march, but later deferred it till October 31.
( With inputs from IANS )