Stocks ended lower by 0.4%, mirroring the trend in Asian markets, as investors booked profits after the recent gains. A decline of nearly 2% in Reliance Industries also weighed on the indices.

“The investors took the opportunity to book profits ahead of the weekend, and as the volatility next week will be high owing to expiry of June derivatives contract,” a dealer said.

The key share indices briefly touched intraday highs after the announcement of the weekly inflation numbers. The inflation for the week ended June 9 touched a 57-week low of 4.28%, compared with the estimated 4.43% and 4.80% a week ago.

The Sensex ended at 14467.36, down 31.88 points or 0.2% from Thursday. It moved within an intra-day range of 14441.76 and 14560.32. Nifty ended at 4252.05, down 15.35 points or 0.4%, after moving between 4242.50 and 4278.85.

The turnover on both the exchanges was roughly Rs 149 billion, compared with Rs 152.8 billion on Thursday. CNX Midcap Index and S&P CNX 500 Index ended flat.

BSE Oil and Gas Index, down 1%, was the worst hit among the sectoral indices, due to the fall in index heavyweights such as Reliance Industries and Oil and Natural Gas Corporation.

Reliance Industries ended at Rs 1,702, down 2%, after the Bombay High Court prohibited the company from selling natural gas from the Krishna Godavari basin block to parties other than NTPC and Reliance Natural Resources until 2016.

ONGC extended its decline from the previous session and ended down by 0.5% at Rs 910 on a report that its gas reserves would be revised downward.

The shares of capital goods companies fell on profit sales. BSE Capital Goods Index was down 0.3%, after rising over 5% this week. Bharat Heavy Electricals, declined by 3% to Rs 1,440, and was the worst hit on Nifty.

The metal and IT shares were other major laggards. Sterlite Industries ended down by 2% at Rs 584 and Wipro fell by 1.4% at Rs 517.

Reliance Energy was the top gainer on the Nifty, rising by 5% to Rs 590. The Bombay High Court ruling will prevent Reliance Industries from selling gas to the company at a higher price.

Reliance Natural Resources was up by 3% at Rs 35 and NTPC gained 2% to Rs 153 as a result of the court order.

GAIL India was up 4% to Rs 306 after the company said that it expects a three-fold increase in revenues to Rs 450 billion by 2011.

The shares of banks gained, helped by soft inflation data, which eased fears of monetary tightening measures by the Reserve Bank of India, dealers said.

Housing Development Finance Corporation ended up by 2% at Rs 1,881. A newspaper report said the lender, along with other banks, has approached Asset Reconstruction Company to sell home loans that are facing high rates of default.

ICICI Bank, whose follow-on issue is reported to be subscribed 9.47 times, ended up by 0.5% at Rs 955.