Sensex pares gains as sentiment turns sour after CAG report

After gaining over 140 points in the day, Sensex on Friday pared gains and closed just 34 points up as sentiment turned sour after the CAG pegged loss in coal allocation at Rs 1.86 lakh crore and named Jindal Steel, Tata Power, Hindalco and RPower amongst firms which got blocks.

After rising to 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 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, Infoys, HUL and ITC, Sensex concluded 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.

Reliance Power dropped 5.6 per cent, Tata Power declined by 3.71 per cent, Jindal Steel Power lost 4.02 per cent and Hindalco dropped 2.5 per cent.

"Markets ended flat, reversing the earlier gains of the day. The CAG report had an impact on sentiments," said Dipen Shah, Head of Fundamental Research, Kotak Securities.

Tata Motors led the 16 gainers in Sensex on Friday after reports said the company's global sales rose. Maruti settled with marginal gains after it announced on Thursday that production will resume at Manesar plant from August 21.

Across sectors, FMCG, IT and Auto gained while selling was prominent in realty, metal, power, capital goods and PSUs.

Brokers said major market players were seen reducing their positions ahead of a long week-end following holiday on Monday on account of 'Ramzan Id'.

A firming trend in the Asian region and higher opening in Europe after positive comments from German Chancellor to ease Eurozone debt worries, also helped the domestic market to end in positive zone, they added.

Post new comment

<form action="/comment/reply/181601" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: &lt;a&gt; &lt;em&gt; &lt;strong&gt; &lt;cite&gt; &lt;code&gt; &lt;ul&gt; &lt;ol&gt; &lt;li&gt; &lt;dl&gt; &lt;dt&gt; &lt;dd&gt;</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-973cc2fba62e6a0f687c2387fc13976c" value="form-973cc2fba62e6a0f687c2387fc13976c" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="84723928" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>

No Articles Found

No Articles Found

No Articles Found

I want to begin with a little story that was told to me by a leading executive at Aptech. He was exercising in a gym with a lot of younger people.

Shekhar Kapur’s Bandit Queen didn’t make the cut. Neither did Shaji Karun’s Piravi, which bagged 31 international awards.