Sensex snaps five-day fall on value-buying; blue-chips rise

The BSE Sensex edged higher on Monday, recovering from a five-session losing streak, as market heavyweights such as Reliance Industries recouped, although sentiment remained broadly weak ahead of the conclusion of elections later this month.

Although foreign investors have remained buyers of cash shares, they have turned sellers in index futures, totaling Rs 243 crore ($40.4 million) over the five previous sessions until Friday.

Analysts broadly expect shares to remain pressured, and off the record highs hit late last month, ahead of the outcome of elections on May 16.

The Sensex closed 0.18 per cent higher at 22,445.12, while the Nifty closed 0.07 per cent up at 6,699.35.

Blue-chips recovered on Monday after the Nifty had fallen 1.3 per cent last week, the worst weekly performance since the trading week ended on January 31. Reliance Industries gained 2.02 per cent after the energy conglomerate fell 4.21 per cent in the five sessions until Friday. Cigarette maker ITC advanced 1.31 per cent after falling 3.7 per cent during the five previous sessions.