Indian stock market daily closing report (May 17, 2011)

The markets managed to bounce back from the lows of 5421 despite poor Q4 earnings from SBI. Oil & gas and banking stocks continued to remain under pressure through the day. The Sensex was down 208 points at 18137 after making an intra-day low of 10084 and the Nifty shut at 5437 down 60 points. The breadth of the market was also sluggish. The May future ended with 11 points premium.