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Wednesday, 5 November 2014

Sensex surges, Nifty above 8350; Bharti falls 3%, banks up

03:30 pm Market closing: The market ended with some smart gains after hitting record highs. The Sensex ended up 55.50 points at 27915.88 and the Nifty was up 16.70 points at 8340.85. About 1633 shares have advanced, 1385 shares declined, and 108 shares were unchanged.

Axis Bank, Sun Pharma, Dr Reddy's Labs, ICICI Bank and SBI were top gainers in the Sensex. Among the losers were Hindalco, Sesa Sterlite, Coal India, Hero MotoCorp and Bharti Airtel

2:50 pm Market check: The market gets back its buying spree in the last few minutes of trading. The Sensex is up 125.23 points at 27985.61 and the Nifty is up 33.85 points at 8358.00. About 1671 shares have advanced, 1256 shares declined, and 113 shares are unchanged.

Axis Bank, Dr Reddy's Labs, SBI, ICICI Bank and Sun Pharma are top gainers in the Sensex. Among the losers are Sesa Sterlite, Coal India, Hindalco, Bharti Airtel and NTPC.

2:30 pm Deal snapped: Telecom major Bharti Airtel has called off its plans to acquire business and assets of Mumbai based Loop Mobile, for about Rs 700 crore, as the Department of Telecom is yet to clear the deal.

"Loop Mobile and Bharti applied to DoT for approval of the business transfer in March 2014. The approval for the transaction is still awaited from the relevant authorities as a result of which Bharti Airtel has withdrawn from the proposed transaction causing huge loss to the company," Loop Mobile spokesperson told PTI.

DoT is yet to give clearance to the deal as it estimates that Loop Mobile and its sister concern Loop Telecom owe about Rs 808 crore in spectrum and other charges to the government. Loop Mobile's permit in Mumbai is expiring on November 29 and the company did not purchase spectrum in February auction which was mandatory for continuing its operations. More information please visit this site

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