Bombay stocks sagged into the weekend, dropping more than 1% after a strong open gave way to heavy selling in auto and drug stocks.

The BSE Sensex dropped 157 points to close at 11,589. The setback came after the index surged at the open and went on to set an all-time intraday high of 11,931. Even so, the Sensex rose 2.7% for the week and is up 8% over the last month.

The top loser on the BSE Sensex was software outfit

Satyam

, which fell 4.8%. Bus and truck maker

Tata Motors

dropped 3.7% and

HDFC Bank

shed 3.5%.

Motorcycle maker

Hero Honda

fell 2.6%, small car manufacturer

Maruti

dropped 2.5% and two-wheeler major

Bajaj Auto

slipped 1.4%. Pharma major

Ranbaxy

fell 3.4%, rival

Cipla

lost 2.9% and peer

Dr. Reddy's

(RDY) - Get Report

gave up 1.7%.

The top gainer on the BSE Sensex was cement maker

ACC

, which added 5.8%. Software firm

Infosys

(INFY) - Get Report

rose 1.6% on the news that the board was considering a bonus issue. Chemical giant

Grasim Industries

rose 1.3%.

Hindustan Zinc

shot up 18.5% on news of a price hike. Engineering company

Larsen & Toubro

rose fractionally after the company got some big orders from China. Pipe maker

PSL

rose on reports of an order from Oman for API grade steel pipes.

This story was created through a joint venture between TheStreet.com and IRIS.