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The benchmark indices have slipped further and continued Tuesday's weaktrend for another day. Weak global cues are putting pressure on our markets. Banking, metal, telecom, power and real estate stocks are under pressure.
At 9:56 am, the Sensex went down 155 points to 8,945 and the Nifty lost 41 points at 2,755. CNX Midcap 100 slipped 1% to 3,454.
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Tarun Das, Chief Mentor, CII, also a director on the newly-appointed Satyam board, said the board has been approached by potential buyers. He also said that the board has not discussed a stake sale or an outright sale as of now.
There are also reports that L&T Chairman AM Naik met Company Affairs Minister PC Gupta. He said that the company is more concerned about the 4% stake in Satyam. He further added that he is taking updates from the government on the situation.
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Reliance Communication is the top gainer on the Nifty. It had touched an intraday high of Rs 183.70 and an intraday low of Rs 175.25. At 10:20 am, the share was quoting at Rs 181.70, up Rs 7.70, or 4.43%.
It was trading with volumes of 1,848,217 shares. Yesterday the share closed down 6.28% or Rs 11.65 at Rs 174.
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Meanwhile, the BSE Sensex was up 200.33 points, or 2.2%, to 9,270.64.
On BSE, 22.06 lakh shares were traded in the counter. The stock had an average daily volume of 84.96 lakh shares in the past one quarter.
The stock hit a high of Rs 34 and a low of Rs 31.50 so far during the day. The stock hit a 52-week high of Rs 544 on 30 May 2008 and a 52-week low of Rs 11.50 on 9 January 2009.
Satyam Computer Services fell 9.16% to Rs 31.25 on 13 January 2009 as a quick-fix solutions is unlikely to rescue the firm hit by an estimated Rs 7,000 crore accounting fraud. Satyam stock had galloped 44.66% to Rs 34.55 on Monday, 12 January 2009, on hopes a newly constituted three-member board, appointed by the government, would help salvage the company's clients and staff. Earlier, the stock plunged 86.68% to Rs 23.85 on 9 January 2009 from Rs 179.10 on 6 January 2009 after its founder and former chairman B Ramalinga Raju during trading hours on Wednesday, 7 January 2009, admitted to a nearly Rs 7000-crore financial fraud.
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Net profit of Infosys Technologies rose 34.74% to Rs 1598.00 crore in the quarter ended December 2008 as against Rs 1186.00 crore during the previous quarter ended December 2007. Sales rose 35.76% to Rs 5429.00 crore in the quarter ended December 2008 as against Rs 3999.00 crore during the previous quarter ended December 2007.
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Nilesh Shah of Envision Capital said Infosys may not underperform till full year numbers are out. "The outlook is better given the current environment.
Commenting on the recent developments in Satyam, he said there is no case for a positive view on Satyam despite the rescue moves. "We may see trading moves in Satyam, but have no fundamental view on the stock. We feel investors should avoid Satyam and stick to other top 3 in IT players."
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The bleeding continues in the benchmark indices - the Nifty broke 2750 level and the Sensex is just managing to stand above 9000 mark. Metal, Realty, Bankex, Power, Capital Goods and Oil & Gas indices plunged 3.8-5.8%.
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