After India’s premier IT company Satyam admitted to a fraud of Rs 70 billion, the disclosure brought shock waves in corporate India. This plunged the market into a downward spiral.
The thirty-share index Sensex shut shop at 9586, down 749 points and fifty-share Nifty ended the day at 2920, down 192 points from the previous close.
CNX Midcap index was down 7 per cent and BSE Smallcap index dipped by 6.29 per cent. All indices closed in the negative with BSE Realty index taking a hit of 16 per cent and BSE IT index down 9 per cent.
The market breadth remained negative on Wednesday with advances at 98 against declines of 1143 on the NSE. Top Nifty gainers were HUL, Infosys and Wipro while losers included Satyam, Suzlon and Unitech.
Today, the market is closed on account of Moharram.
— Shailesh Shah
