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Tata Power rose 3.7 percent after the utility said late on Tuesday it would buy out BP Alternative Energy Holding's 51 percent stake in joint venture Tata BP Solar.
At 9:17 a.m. (0347 GMT), the main 30-share BSE index was down 0.2 percent at 15,849.22, with 19 of its components falling.
The 50-share NSE index was down 0.2 percent at 4,740.50.