The BSE Sensex opened weak at 4565.17, touched the day's low at 4513.55 and then bounced back with support from software, cement and a few pharma counters. The index touched the day's high at 4628.31 points but closed slightly lower at 4618.39 points, showing a net gain of 47.30 points against its previous close of 4571.09 points. The Nifty on the other hand opened marginally lower at 1350.35, touched the day's low at 1329.70 and bounced back to touch the day's high at 1364.05 points, and closed at 1359.70 against its Thursday close of 1351.20 points- a net gain of 8.50 points.

For Monday, market players' opinions are mixed. Whilesome feel that after Friday's gains, the markets are likely to trade sidewise for some more time, others say the markets are not in a comfort zone. ``We are expecting the markets to remain weak for the next few days. Also, the IT-counters which performed well on Friday, are likely to witness some profit-booking on Monday,'' says Chirag Sanghvi at Asit C Mehta Investment Intermediaries. The markets can feel comfortable in case the Sensex closes above the 4620 points for two consecutive days, feels Sanghvi.

However, according to Nikunj Modi at Kisan Ratilal Choksey Shares and Securities, the Sensex has bottomed out at 4510 and on Monday we can see the markets remaining firm.

According to a dealer with a leading brokerage, technically, in the short-run, ``the Sensex can go down to 4520-level from the current level in case the FIIs do not step in.'' And the Rs 142 crore net FII outflow on Thursday and the rising net outstanding position are all cause for great concern for the market. On Friday, among thepivotal IT stocks, the Infosys scrip closed at Rs 6545.60 on the NSE against its previous close of Rs 6109.

NIIT also closed higher at Rs 2284 against Rs 2115 on Thursday. Unconfirmed reports say that Morgan Stanley and the Genesis group were the major buyers at a number of front-rung infotech counters.

Cement stocks also performed well and players see some opportunity here. ``These stocks have performed well all-through the year and there is still some steam left in these stocks. Every fall in gives the investors opportunity to enter,'' says Sanghvi. L&T and Grasim were the two counters which witnessed heavy buying interest and closed with substantial gains. And among the pharma counters, Dabur and Dr Reddy's were the front runners.