The 30-share barometer commenced stable but soon selling pressure emerged in realty, consumer durable and power shares. The bellwether index was down over 160 points by mid-session at 22,197.51.
Buying in select stocks later helped the index to recover most of the losses and end the day at 22,343.45, only 16.05 points or 0.07 per cent lower than its previous close. This is the third straight day the Sensex is recording losses.
Sun Pharmaceutical, which in the morning announced that it will fully acquire rival Ranbaxy Laboratories in an all-stock transaction valued at USD 3.2 billion, emerged as the top Sensex gainer with a rise of 2.68 per cent.
Ranbaxy Laboratories, which resumed up by a huge 9.89 per cent to new 52-week high of Rs 505 a share, settled the day fell lower 3.12 per cent heavy profit-booking.
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"The benchmarks were seen ending on flattish note after two days of successive decline. With the start of 36-day long Lok Sabha voting process, excessive rise in volatility was witnessed indicating building caution among investors," said Jayant Manglik, President, Retail Distribution, Religare Securities.
State-owned power equipment maker BHEL was the top loser from the Sensex pack at 3.32 per cent. The company reported weak results on provisional basis for 2013-14. Other losers were Cipla at 1.84 per cent, ICICI Bank 1.73 per cent, Dr Reddy's Lab 1.64 per cent, Maruti Suzuki 1.20 per cent, NTPC 0.83 per cent and Axis Bank 0.75 per cent.