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The BSE Sensex failed to hold on to earlier gains and ended slightly down for a fifth consecutive session, as investors continued to book profits in recent outperformers such as Larsen and Toubro.
Sentiment remained broadly cautious as the country awaits election results due in mid-May, with the Nifty ending down 1.3 per cent for the week, its biggest weekly fall in three months.
Although foreign investors have continued to buy cash shares, they have turned sellers in index futures, offloading Rs 1,850 crore worth of positions over four straight sessions till Wednesday, exchange and regulatory data show. Risk factors, including reports of fresh violence in Urkaine offset more positive ones such as comfort with the pace of the Federal Reserve's wind-down in monetary stimulus.
"Market is preparing for the election outcome. We can see selective position building happening in the market. We have completed a phase of correction," said Deven Choksey, managing director, KR Choksey Securities.
"Next week, probably we will see position building on the long side and 6,650 is a level on the Nifty which will act as a support," he added.
The Sensex ended 0.06 per cent lower at 22,403.89. It ended 1.25 per cent lower for the week.
The Nifty closed 0.02 per cent lower at 6,694.80, down 1.3 per cent for the week.
Profit-taking was seen in most of the outperformers such as capital goods stocks. L&T ended 2.4 per cent lower, but was still up 18.1 per cent so far this year.
Shares in metal companies were down. Tata Steel fell 2.7 percent, Hindalco closed two per cent lower and Jindal Steel and Power Ltd ended 6.4 percent down. Auto companies also lost ground, with Maruti Suzuki (India) Ltd closing 2.1 per cent lower after sales declined by 11.4 percent.
