By Indulal PM
MUMBAI (Reuters) - 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.
Global risk factors are also weighing on sentiment, with regional shares faltering on Monday after HSBC's final reading of China's April PMI contracted for a fourth consecutive month.
Although overseas investors have remained buyers of cash shares, they have turned sellers in index futures, totalling 2.43 billion rupees ($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.
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"Nifty is struggling near 6,700 level for the last four trading sessions. With mixed cues directing the market, there is an indecision seen at higher levels," said Rakesh Goyal, senior vice president, Bonanza Portfolio Ltd.
"After a strong one-sided rally witnessed in the last few weeks, we expect some consolidation. Nifty is likely to trade within 6,500-6,850 in coming sessions," he said adding that volatility could increase ahead of the election results.
The Sensex closed 0.18 percent higher at 22,445.12, while the Nifty closed 0.07 percent up at 6,699.35.
Blue chips recovered on Monday after the Nifty had fallen 1.3 percent last week, the worst weekly performance since the trading week ended on Jan. 31.
Reliance Industries
Metal stocks advanced after a spike in copper prices, traders said. Hindalco Industries
Shares in Alstom T&D India
However, the other unit of Alstom, Alstom India Ltd
GE will proceed with the offers for the Indian companies only if its bid for Alstom's energy arm goes through, the filings said.
Canara Bank Ltd
Among other laggards, Reliance Communications Ltd
Bharti Airtel
($1 = 60.2100 rupees)
(Reporting by Indulal PM; Editing by Anand Basu)