The benchmark index on the Bombay Stock Exchange (BSE) ended little changed Friday following squaring up of positions in heavyweight shares by the institutional operators ahead of the market closure for the week.

The market barometer 30-share sensitive index or Sensex closed at 3,453.99, registering a moderate gain of 1.24 points or 0.04 percent over its previous close.

The index moved up by 161.94 points, or nearly five percent, in the last three trading sessions on impressive quarterly results announced by software heavyweights such as Infosys Technologies and Satyam Computer Services.

According to dealers, the market witnessed highly lackluster trade Friday as domestic mutual funds and select foreign institutional investors booked profit in technology and cement shares on fears that the market would turn volatile in the coming sessions.

The market sentiment was also dampened by reports that industrial production grew only 1.9 percent in May from 6 percent a year earlier as the economy remained in the grip of a demand slowdown.

Industrial growth has been on the wane for months, mainly due to lack of demand triggered by two years of falling agricultural production along with a slowing global economy and lower exports.

Infosys Technologies, India's second largest software developer, led the fall in the market. The share settled at Rs. 3,695, losing 5.8 percent from its previous close.

Satyam Computer, the country's fourth largest software exporter, lost 3.5 percent to Rs. 183 on profit booking at higher levels after recent gains. New Delhi-based software development and training major NIIT fell nearly one percent to Rs. 320.

Other major losers in the sector included Zee Telefilms, RS Software, HCL Technologies, Kale Consultants, Hughes Software, CMC, Polaris Software, Subex Systems, Wipro, DSQ Software, Ramco Systems, Digital Equipment, Silverline Technologies, and Aptech.

In the old economy sector, Grasim Industries lost 4.5 percent to Rs. 318.85, Associated Cement Companies was down 4.8 percent to Rs. 139.70, and Larsen and Toubro closed with a loss of 3.2 percent at Rs. 216.55.

Counters such as Gujarat Ambuja Cements, Reliance Industries, Tata Engineering, state-run Bharat Heavy Electricals Ltd., Tata Steel, Hindustan Petroleum Corporation Ltd., and Bajaj Auto also closed in the red.