Seven listed Tata companies together own 12.1 per cent in Tata Sons with a combined book value worth around Rs 30,700 crore.
The main losers on the Sensex were Tata Steel, Hero Moto, BHEL, ONGC & Maruti Suzuki.
From the Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank, Reliance Industries were among the major laggards. Bucking the trend, auto stocks Tata Motors and Mahindra & Mahindra closed with gains.
Following the October 24 Supreme Court order, the department of telecom estimated that the total liability of 15 telecom companies, including penalties and interest, would be Rs 1.47 lakh crore.
The 30-share Sensex ended 53 points higher at 28,439 and the 50-share Nifty closed 18 points higher at 8,494.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
Sun Pharma was the biggest gainer in the Sensex pack, advancing 1.79 per cent.
Rebound in IT majors TCS and Infosys in late trades helped markets end higher.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
Metal shares gained on hopes that the government may adopt ordinance route for mines sector reforms
While the two high-profile exits in pharmaceutical and telecom have raised concerns over regulatory hassles in the country, Japanese investors are still keen to tap into India's consumer growth story and many more merger and acquisition deals are in the offing in this space.
The Indian government has simplified FDI policy inorder to attract global retail chains.
Prime Minister Narendra Modi's three-day visit to Britain has seen India and the UK agreeing on Rs 90,000 crore deals.
Few top honchos of India Inc did very well in 2014.
Investors cheered a sharp decline in the Current Account Deficit, which stands at a 4 year low as exports picked up and gold imports reduced.