Sensex corrects 1 per cent for the week

12 May 2007

Frontline Indian indexes started the week on a subdued note as technology stocks continued their down trend. They gave up early gains and closed lower, despite the positive trend in other major markets. Oil & gas stocks did well while select banking stocks lost ground

After a failed recovery attempt in early trading, indexes slipped on Tuesday as other Asian markets saw some profit booking. Oil & gas stocks gave up part of their previous day's gains while sectors like banking and technology also came under pressure

Though other Asian markets were weak on Wednesday, Indian indexes recovered from an early declined and closed marginally higher. The recovery was led by banking and financial stocks, supported by oil & gas and select metal stocks

Markets saw some volatility on Thursday as the indexes slipped sharply in the afternoon after gaining more than a per cent each in morning trading. ONGC led the decline though gains in metal stocks limited the losses. Select stocks in engineering, auto and pharma spaces also declined.

Volatility continued on Friday as the indexes recovered from a weak start, only to slip again in the afternoon. They rose again in the last hour to end with marginal gains. Technology stocks recovered after remaining weak for many sessions while stocks like Reliance Petroleum and Bajaj Auto saw substantial gains.