Sensex ends 14 pts lower; mkts await election results

Extending losses for the fifth consecutive day, the BSE benchmark Sensex closed the day by a marginal 14 points at almost four-week low of 22,403 on consistent profit-booking amid reports of flat growth in April manufacturing and poor core sector data.
The 30-share resumed the day on a strong note but moved in a narrow range before settling at 22,403.89, a loss of 13.91 points of 0.06 per cent from its last close.
The previous time the key index ended below this level was on April 7 when it settled at 22,343.45 points.
The 50-share Nifty of NSE moved down by 1.60 points or 0.02 per cent to finish at 6,694.80.

"Profit-booking and cautious approach ahead of Lok Sabha election results is evident in the market. Meanwhile, almost flat growth in manufacturing PMI in April, as against previous month, also weakened market sentiment," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
According to an HSBC survey, April manufacturing sector remained 'steady' as, with domestic demand making up for fall in exports.

Brokers said poor performance of core sector industries also dampened the sentiment. Growth in eight core sector industries decelerated to 2.6 per cent in 2013-14, the lowest in almost a decade, said government data.
During the week, the Sensex lost 619.71 points, the biggest weekly drop in 13 weeks.

"Markets fell marginally for the week. This was the fourth successive week that the markets have been almost flat, with marginal changes. This likely shows the reluctance of the participants to take big bets post the sharp rise seen in the markets," said Dipen Shah, Head, Private Client Group Research, Kotak Securities.
Major losers were Larsen (2.50 per cent), SSLT (2.49 per cent), Tata Steel (2.46 per cent), Hindalco (1.82 per cent), Maruti Suzuki (1.69 per cent), SBI (1.59 per cent).
Tata Power rose by 2.43 per cent, Infosys 1.34 per cent, Coal India 1.30 per cent, Dr Reddy's Lab 1.19 per cent, HDFC 1.17 per cent, Wipro 1.07 per cent.