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Opening: Sensex drop early, Satyam rebounds, Wipro falls

Opening: Sensex drop early, Satyam rebounds, Wipro falls
PTI
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First Published: Mon, Jan 12 2009. 10 41 AM IST
Updated: Mon, Jan 12 2009. 10 41 AM IST
Mumbai: Continuing its slide for the third straight session, the Bombay Stock Exchange benchmark Sensex on Monday fell by another 134 points in early trade as foreign funds kept on offloading their holdings following Satyam fiasco amid weakening trends on other Asian equity markets.
However, Satyam Computer stocks staged a comeback after the government appointed a three-man board in a bid to restore confidence in the company after the country’s biggest corporate scam was unearthed last week.
Satyam Computer stocks climbed by nearly 60% to Rs40 with over 1.50 crore shares changing hands on the BSE in opening trade. The stock had closed at Rs23.85 on Friday.
The 30-share barometer Sensex, which had plunged almost 930 points in the last two sessions after Satyam Computer admitted that profits had been inflated for years, lost another 133.93 points to 9,272.54 in early trade.
The 50-share National Stock Exchange Nifty tumbled by 53.75 points to 2,819.25 in early trade.
At 10:45am, the Sensex was down by 309 points quoted lower at 9,096.68 or 3% and the broader 50-share Nifty of the National Stock Exchange was also down by 105.80 points or 3.06% at 2,767.20.
Stock brokers said trading sentiment remained distinctly weak after the revelation of scam in Satyam Computer Services, which has shaken investors’ confidence, triggering all-round selling.
Brokers said front line stocks came under heavy selling pressure in anticipation that the companies from Sensex pack may announce disappointing performance for the third quarter.
The market sentiment was also affected by weak Asian trend on Monday morning.
Major losers which dragged the Sensex down were Reliance Industries, Reliance Infra, Infosys Technologies, Tata Consultancy, Wipro, ICICI Bank, HDFC Ltd BHEL, DLF Ltd, Bharti Airtel and Tata Power.
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First Published: Mon, Jan 12 2009. 10 41 AM IST
More Topics: Sensex | BSE | NSE | Satyam | Shares |