However, the mood turned positive after software majors Infosys and HCL Technologies posted good Q4 results.
The markets also took note of global rating agency Standard & Poor's report, which stated that it may upgrade India's outlook if the next Government addresses some of the country's fiscal and economic challenges on a priority basis.
The Sensex resumed higher at 22,698.09 and hovered in a range of 22,737.31 and 22,247.39 before closing at 22,628.84, a mere loss of 0.12 points over the last weekend level.
The NSE benchmark Nifty opened up at 6,792.70 and traded between a high of 6,813.40 and a low of 6,665.15 before ending at 6,779.40, a marginal gain of 3.10, or 0.05 per cent.
Brokers said hectic short-covering ahead of expiry of April contract of futures and options next week boosted buying. Investors were taking fresh positions in blue-chip shares available at attractive levels before a long week-end.
Foreign institutional investors (FIIs), who were net sellers for the first two days, again turned buyers as they infused Rs 278.30 crore during the shortened week (including provisional data of April 17), as per SEBI data.
“Markets continue to be driven by expectations of a favourable election outcome. Early implementation of important domestic reforms is needed for markets to sustain and move up from current levels,” said Dipen Shah of Kotak Securities.
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