IT solutions provider Mastek spurted by over 13 per cent on the bourses after its UK-based subsidiary bagged a Rs 58.7 crore multi-year framework contract in that country.

A warning by Goldman Sachs Group that inflation would remain a \"key headwind\" for the country's economy dampened the sentiment, already infected by a weak trend in the Asian region and lower opening in Europe.

Market analysts said investors bought beaten down stocks across the board to benefit from the existing lower level prices amid positive global cues.

RIL shed 2.4 per cent to touch an early low of Rs 921.30 on the Bombay Stock Exchange, while on the National Stock Exchange, it went down 2.48 per cent to hit a low of Rs 921.

Carrying forward its losses into the fourth day, the Bombay Stock Exchange's Sensex eased by 2.51 points as RIL tumbled 1.84 per cent on reports of oil sector regulator rejecting three new gas finds.

Market watchers said index of industrial production halving to 6.3 per cent in April came as a double blow as food inflation too had risen to two-month high on Thursday.

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The tide has gone out of the Indian stock markets, leaving several listed companies thoroughly exposed. More than half the IPOs that hit the markets between 2007 and 2009 are trading under water.

The 30-share index of the Bombay Stock Exchange, which had lost 101 points in the previous session, dipped 9.39 points after moving in a range of 18,449.64 and 18,327.01.

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Reliance Communications gained 2 per cent in morning trade on Wednesday amid media reports that private equity firms are in talks to buy a stake in the company's tower unit, Reliance Infratel.

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Global indices fell to their lowest in two weeks after Federal Reserve Chairman Ben Bernanke said the economic recovery in the US was \"frustratingly slow\".

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RIL and Infosys that carry nearly 21 per cent weight on Sensex, gained 1.93 per cent and 1.91 per cent to Rs 956.20 a piece and Rs 2,892.75 a piece, respectively.

Brokers said buying activity picked up in the second half of the trading as stocks dipped to attractive low levels amid reports that a fall in crude prices would lower the risk of a higher inflation.

Besides, auto, refinery and metal segments rest all sectoral indices closed the week with sharp to marginal gains between 3.61 per cent and 0.73 per cent.

RIL's stock, which had gained 1.8 per cent till noon, dived after Mukesh Ambani, RIL chairman and managing director, failed to share the company plans on stemming the decline in natural-gas output at the company's AGM.

The banking stocks index suffered the most as ICICI Bank fell 3.10 per cent to Rs 1,051.40 and HDFC Bank declined 1.27 per cent to Rs 2,358.95.

FIIs have so far this year have made a net investment of Rs 13,798.50 crore in the debt market, whereas they have withdrawn Rs 1,901.80 crore from the equities market so far this year, according to Sebi.