The week started strongly with a jump of more than 500 points on the back of optimistic worldwide signals.

Indian market reactions remained upbeat on the $1 trillion rescue package from the EU to bailout European debt trap nations. But, the stock index dropped on conjecture that the administration would lift up borrowing costs to control inflation, slowing growth in the world's third-biggest financial system.

In addition, the IIP figures that was lower than expectation stood at 13.5% for March dragged index lower.

Among sectoral indices, telecom scrips were worst hit after TRAI commendations. At last, the index closed the week on a dull note below 17,000 mark.

The Sensex surged 225.49 points (1.34%) to 16,994.60 during the week ended May 14, while Nifty closed at 5,093.50, up 75.45 points.

The worldwide stock markets broke down over the last two weeks on worries that Greece`s debt troubles could arrest the worldwide economic recovery.

Investors remained gripped with worry and doubt about the future. GDP in the 16 nation euro zone climbed 0.2% during the first quarter of 2010.

Realty sector saw the major buying action accompanied by Auto, Consumer Durables, Bankex, FMCG and Auto. However, Capital goods and Metal declined during the week.

Mid-cap stocks climbed1.58% to 6,942.06 during the week whereas small-cap shares surged 1.16% to 8,810.28.

Alex Mathews, Research head, Geojit BNP Paribas Financial Services said, "For Nifty we don`t expect a major uptrend and we may see further weakness in coming days even if minor recovery can be seen. We may see Nifty moving towards 4,800 levels. Banking major SBI came with lower than expected quarterly numbers which brought selling pressure in the banking index also. Institutional investors who had taken position in banking sector have started to trim after the SBI results."