In a volatile trading session, the index, which touched a high of 5,128 in late morning deals, shaved off its gains by mid-noon trades as sharp correction across-the-board dragged the index to a low of 5,022.

Though the Sensex managed to recover from its losses, it still ended 33 points down at 5,065. The Nifty, which touched a high of 1,628 during intra-day deals, lost 10 points to close at 1,609.

ITC at Rs 886 (down Rs 13), Reliance at Rs 489 (down a rupee) and HLL at Rs 182 (down Rs 3) witnessed selling in their counters and contributed to the weakness of the index.

HPCL closed up a per cent (Rs 2) at Rs 333. MTNL moved up 2% to Rs 114. SBI and BHEL, however, ended off-gains with a loss of a per cent each at Rs 479 (down Rs 5) and Rs 474 (down Rs 5), respectively.

HCL Tech, which traded with steady gains till early noon deals, flared up 6% (Rs 15) to Rs 254 on steep buying support. Infosys ended on a subdued note with a marginal loss of Rs 6 at Rs 5,001. Satyam, too, languished in negative territory, and lost a per cent (Rs 2) to Rs 338.

Dr. Reddy's at Rs 1,369 (down Rs 47 or 3%) and Cipla at Rs 1,178 (down Rs 28 or 2%) came under sustained selling pressure. Glaxo, however, bucked the trend, and ended 2% higher (Rs 10) at Rs 510. Ranbaxy also ended in the gainers list at Rs 1,027 - up Rs 15.

Bajaj had a mixed trading session, and lost 2% (Rs 17) to Rs 913. Hero Honda was down a rupee at Rs 367. Tata Motor, however, ended up a per cent (Rs 4) at Rs 384.