After gaining over 140 points during the day, the Sensex on Friday pared gains and closed just 34 points up, as sentiment turned sour after the CAG pegged the loss in coal allocation at Rs 1.86 lakh crore and named Jindal Steel, Tata Power, Hindalco and RPower among firms which got blocks.
After rising to the day's high of 17,801.39, the BSE benchmark index dipped to a low of 17,622.62, after the government auditor said private firms are likely to have gained from coal blocks that were allocated on nomination basis, instead of competitive bidding.
However, helped by buying support in Tata Motors, Infosys, HUL and ITC, the Sensex ended 33.87 points up at 17,691.08. Similarly, the 50-share NSE index Nifty closed 3.35 points higher at 5,366.30.
Around 25 companies declined after the CAG said it has found irregularities in the government coal allocation and usage.
Pursuant to this purchase, their total holding rose to 11.2% in the company, crossing a threshold limit of 10% to attract the provisions of Sebi's ...