India's benchmark share market index finished moderately lower Thursday, ending the five-day gaining streak, with cautious investors rushing to pocket gains in heavyweight equities at sharply higher levels.

Dealers said the stock market opened for the day little changed from its previous session's close as institutional investors preferred to stay on the sidelines of the trading ring after the recent bull-run.

The key market index slumped into the negative zone in the early trade as operators rushed to book profit in technology and select old economy stocks at higher levels tracking the bearish sentiment in other major Asian bourses.

After moving within a close range for better part of the trading session in the absence of fresh institutional buying interest, the index closed in the negative territory.

The stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 6,832.53, a loss of 25.71 points or 0.37 percent from its previous session's close.

"A moderate mid-term correction was perfectly in order after smart gains in the last five consecutive sessions. The profit booking will help operators consolidate their portfolio," said an analyst with a domestic brokerage firm.

"The overall market sentiment continues to be positive and investors are betting on normal monsoon rains in the current year. Hopes of an early settlement to the Reliance ownership row is also expected to keep the market firm," he added.

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 country's 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.      
 
In the technology sector, shares of Infosys Technologies, the country's second largest software exporter, fell 2.7 percent to Rs.2,233.80 after the company projected flat revenue growth in the April-June quarterly period.

Hyderabad-based Satyam Computer lost nearly two percent to touch Rs.463 and Tata Consultancy Services, the country's largest IT company, closed with a loss of 1.3 percent at Rs.1,274.

In the old economy sector, shares of carmaker Maruti Udyog ended nearly one percent lower at Rs.460 after the company's business rival Hyundai slashed prices of its select models to rev up sales.

Reliance Energy, the power utility arm of Reliance Industries, on the other hand, rose one percent to Rs.572.10 after the company Wednesday announced plans to set up a mega Rs.480-billion coal-based power plant in Orissa.