The BSE failed to hold early gains on Wednesday as the Sensex closed lower by 121 points at 14,090.92 on selling by funds in heavy-weight stocks led by Tata Steel.
Updated at 4:30 pm
MUMBAI: The Bombay Stock Exchange failed to hold early gains on Wednesday as the benchmark Sensex closed lower by 121 points at 14,090.92 on selling by funds in heavy-weight stocks led by Tata Steel.
The 30-share index, Sensex, which opened higher by 57 points, succumbed to massive selling in most of the heavy-weight stocks, on concerns that the 11.3 billion dollar Corus deal would stretch steel-major Tata Steel's balance sheet.
The BSE-30 share index dipped to the session's low of 14,045.61 points before settling lower by 121.04 points at 14,090.92.
Similarly, the National Stock Exchange index Nifty lost 41.75 points at 4082.70. Though it touched a low of 4068.55 and a high of 4137.85.
Heavy-weight, Tata Steel shares remained centre of brisk activity throughout the session and lost Rs.55, or 10.7 per cent at Rs.464.90.
MUMBAI: The benchmark index, Sensex, rose by more than 57 points in early trade on Wednesday, even as index-related Tata Steel stocks plunged seven per cent on emergence of selling by investors on concerns that the company might have overpaid for the Corus deal.
Marketmen said the acquisition of Corus by the Tata Steel at 608 pence a share might stretch the Indian steel major's balance sheet.
The BSE 30-stock index, or Sensex, gained 57.35 points at 14,269.31 in first five minutes of trade.
Similarly, the National Stock Exchange index Nifty rose by 12.70 points at 4,137.15.
The market, otherwise continued to get support from other heavy-weight stocks after Standard and Poor's upgraded India's sovereign rating to 'investment grade' for the first time in 14 years.
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