The Satyam debalce which none expected to come out has created panic in the markets and FIIs dumped more than 1000 Cr in one single day. It was a day of disaster with Sensex losing more than 750 points and markets never looked like recovering from the Satyam effect on wednesday. It would be considered as biggest fraud in IT sector and Indian Corporate as a whole . It would seriously effect the IT sector and investment relating to that in India for short term.
US markets suspended SATYAM on wednesday after it lost more than 99% and US markets closed almost flat with closing 0.3% down but NASDAQ closed with a gain of more than 1%
Asian markets are mixed with NIKKIE down.
Indian markets are expected to open flat to negative .Though it may turn positive after the serious fall on wednesday but the sentiment looks weak. We may see some FIIs selling some holdings in wake of the disaster. We advice members to stay away from makets today and risky traders may go long from the lowest points of the day. It would be better staying away from the Real Estate & Infra stocks for some time till the dust settles. One can now consider PSU stocks at lowers for better returns in medium to long term
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