TORONTO (Reuters) - Profit-taking pulled the Toronto Stock Exchange’s main index lower, overcoming strength in the telecoms group resulting from takeover speculation swirling about BCE Inc.The S&P/TSX composite index closed down 51.03 points, or 0.4 percent, at 13,431.30.

“What you’re seeing now more than anything else is sort of individual activity in the marketplace,” said Peter Chandler, senior vice-president at Canaccord Capital.

“It’s more of an event or story-related market right now.”

All but two of the TSX index’s 10 main groups were lower, led down by a one percent fall in the heavyweight financial services sector, which makes up about 30 percent of the index’s weight.

The telecoms sector was up 2.4 percent, while utilities gained 0.02 percent.

BCE, Canada’s biggest telecoms company, jumped C$1.59, or 4.9 percent, to C$34.23 after a source familiar with the situation said the Ontario Teachers’ Pension Plan, a BCE shareholder, has approached US private equity firm Providence Equity Partners, among others, about a possible buyout of BCE.

As well, reports in the Globe and Mail newspaper and the New York Times Tuesday said Teachers was in early talks with other investors to mount a takeover bid for BCE.

The news helped to send shares of BCE rival Telus up C$1.69, or 2.9 percent, to C$60.81. Rogers Communications rose 49 Canadian cents, or 1.2 percent, to C$39.92.

Elsewhere, investors locked in gains after the index hit record highs last week and Monday.

“I wouldn’t be surprised if you’re seeing a little bit of profit-taking going on, which you’re going to see every time you hit new highs,” added Bruce Latimer, trader at Dundee Securities of overall market activity.

“You’ve got some sellers coming into the market.”

In the financial sector, shares of Royal Bank of Canada , Canada’s largest bank, fell 80 Canadian cents, or 1.4 percent, to C$58.12, while Manulife Financial slid 75 Canadian cents, or 1.8 percent, to C$40.08.