15 Feb 2010 15:34 Market Closing :
Today market opened very flat and remained lacklusture as major Asian markets was closed today.Also witnessed an impact of higher Jan inflation.Annual inflation in January came in at 8.56% versus 7.31% in December.
Nifty gave smart bounce back from the bottom level of 4783.90 to 4820 after positive opening in European markets.But again some selling was witnessed in large caps and ended Nifty at 4798.95, down by 27.90 points.Sensex closed at 16028.27 shedding 124.32 points from yesterday's closing.Telecom and Sugar stocks were the major loosers today.
On BSE, IT and Metal index were slightly gainers but Consumer Durable Index, Oil and Gas & Bankex were the Sensex draggers.
Overal market breadth was negative.ON NSE, 846 stocks declined while 433 stocks rose.
HCLTech was the major gainer with 3.38% rise among Nifty50 stocks and Bharti Airtel was the top loser with 9.25%.
Bharti Airtel confirms exclusive talks with Zain :
Bharti Airtel Ltd. on Monday confirmed that it has entered into exclusive talks to acquire most of Zain Africa BV's assets in a transaction that could expand the Indian telecom major's footprint in emerging markets.
Bharti, India's largest mobile operator by subscribers, said told the Bombay Stock Exchange (BSE) that the exclusive discussions with Zain are based on an enterprise value of US$10.7bn and will last until March 25.
Any potential transaction won't include Zain's operations in Morocco and Sudan, and will be subject to Bharti's due diligence and regulatory approvals. The company also said that there can be no assurance that a transaction will be consummated.
Bharti's formal announcement came a day after Zain reported it had received a formal offer in relation to its operations in Africa, excluding Morocco and Sudan.
The Wall Street Journal (WSJ) reported over the weekend that the board of Kuwait's Mobile Telecommunications Co. has approved the US$10.7bn sale of the bulk of its African assets to Bharti Airtel.
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