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Sensex pares gains on CAG report

Press Trust Of India  |  Mumbai 

After gaining over 140 points during the day, the 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, and among firms which got blocks.

After rising to the day's high of 17,801.39, the 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, and ITC, the 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.

First Published: Sat, August 18 2012. 00:03 IST