The BSE Sensex closed 0.6 percent lower in seesaw trade on Tuesday, pulled down by Reliance Industries on investor nervousness over the start of a court hearing in the energy giant's dispute with Reliance Natural Resources. The Supreme Court started hearing arguments in the case between Reliance Industries led by billionaire Mukesh Ambani, and Reliance Natural Resources, led by his younger brother Anil, over a deal to sell gas to the latter at below-market rates as per a family settlement.
Reliance Industries, which has the highest weight on Sensex, shed 1.8 percent, its biggest single-day fall in more than a month, to 2,183.85 rupees, while Anil Ambani-led Reliance Natural Resources rose 1.2 percent to 87.90 rupees.
The 30-share main index closed 0.59 percent or 103 points lower at 17,223.01 points, with 18 components declining.
Strong overseas cues drove it to as much as 17,457.26 in early deals, its highest level since May 2008.
"Fresh new triggers are absent with valuations peaking for sectors like banking and capital goods," said Deven Choksey, managing director and CEO at K. R. Choksey Shares.
"Clarity over issues like Reliance court case should give a direction to the market," added Choksey.
An inflow of $13.6 billion from foreign funds have powered a rally of around 78 percent in the benchmark so far this year.
Reuters India
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