However, it recovered slightly towards the last phase of the session partially on account of short covering and also due to the positive interpretation of the provisioning figures provided for the current fiscal. In the final countdown the stock closed at Rs 796.75 registering a net loss of 2.19 per cent over Thursday's close. On the NSE, the stock closed at Rs 794.

Amidst hectic activity, the stock recorded a phenomenal volume of over 74 lakh shares on the NSE, while 52.69 lakh shares exchanged hands on the BSE.``Although the results were more or less in line with market expectations, the players failed to interpret the positive impact of the provisioning against the liability of over Rs 110 crore made by the company,''explained a research analyst.

According to market sources, FII buying has been consistently recorded at the counter, which has been attributed as the main reason for the stock to trade at a new 52-week high for the past four consecutive sessions.

The impact of the hectic trading activity at the ITC counter reflected on the BSE-30 index, which dipped by 49 points during the mid session. However, a fresh spree of short covering on account of end of trading cycle, saw the index bounce back to 3,897.10 points registering a meagre loss of 11.69 points. The Nifty index recorded a marginal gain of 0.40 points to close at 1,126.55 points.

Among the heavy weights, HDFC and IPCL lost 1.69 per cent and 2.48 per cent respectively.

Satyam records Rs 114 cr turnover: Satyam Computers made history on the BSE by beating pivotals like Reliance, SBI and ACC in terms of volumes registered on the exchange. The stock recorded a huge volume of 22.70 lakh shares, contributing a total turnover of over Rs 114 crore. Thestock closed at Rs 498.75 registering a net loss of 0.4 per cent on the BSE.

Local institutions were also rumoured to have made fresh positions at the counters of DSQ Software, Mastek and Satyam Computers.

The upbeat mood at the counters of Silverline, BFL Software, Gujarat Mineral Development Corporation, Parke Davis and Pfizer were attributed to continuous bouts of purchases by FIIs.

Another prominent feature of the day, was the game played by the arbitrage players at the Pentafour counter. The stock will enter the no-delivery phase on the BSE on May 25. The `book bandh' or book closure carry forward saw the counter trade at a premium of Rs 40, which enabled the local punters to buy at BSE and sell on the NSE where it is currently traded in the no-delivery category.

DSQ Software registered a negotiated deal of 8.29 lakh shares, while other infotech representatives like Mastek witnessed a price appreciation of over 10 per cent to attract a circuit filter at Rs 288.30 levels.

Negotiateddeals: Shipping Corporation recorded negotiated deals of 6 lakh shares on the BSE at Rs 52. According to market sources, Morgan Stanley was reported to have offloaded its holding in the company, with UTI having moved in to absorb the sudden inflow of liquidity.

BSE's decision to reduce the carry over and daily margins at the counter of BPL and Videocon International by 10 per cent infused new life into the stocks. Both the stocks registered new 52-week high of Rs 331.50 and Rs 139.80 respectively.

Amidst wild speculations over the swap ratio which would be applicable in the merger of Anagram Finance with ICICI, the former's stock fell by 23 per cent on the BSE to close at Rs 14.35.