India's benchmark share market index slipped for the second consecutive session Friday, the last day of the weekly trading settlement, on sustained institutional profit taking.

Dealers said the stock market opened for the day with a small positive gap, after finishing moderately lower in the previous session, on fresh buying in select heavyweights equities at lower levels.

The market index, however, failed to maintain its gaining momentum for long and the blue-chip equities slipped lower in the early trade as operators rushed to pocket gains after the recent bull-run.

The stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 6,781.99, a loss of 50.54 points or 0.74 percent from its previous session's close.

The market index had closed with a loss of 0.37 percent Thursday, snapping a smart rally in the previous five straight sessions.

The institutional buying spree was triggered mainly by hopes of a normal monsoon in the country boosting the overall economy and hopes of an early settlement of the Reliance ownership row.

The June-September monsoon rains are very crucial for the Indian agricultural sector, which accounts for one-fourth of the country's total economic output and provides employment to nearly 70 percent of the population.   
 
India's economy grew by 6.9 percent in the fiscal year ended March 31, 2005 on top of a higher increase of 8.5 percent in the previous year on increased agriculture production.     
   
"The market has got into a corrective mode after witnessing hectic buying in the past few sessions. Fund investors are taking this opportunity to reorganise their portfolios," said an analyst with a domestic brokerage firm.

"The trading pattern in the days ahead would be influenced by the progress of monsoon in other parts of the country. The overall market sentiment is positive on impressive overseas fund inflows," the analyst said.
    
In the old economy sector, shares of Tata Motors, a leading passenger cars and commercial vehicles maker, fell 2.8 percent to Rs.423 and the country's largest carmaker Maruti Udyog closed with a loss of 2.2 percent at Rs.448.90.

In the technology sector, shares of Infosys Technologies, the second largest software exporter, lost one percent to touch Rs.2,213 on institutional profit taking at higher levels.