The domestic market plunged under the pressure of Satyam’s startling revelation that shook the confidence of the market, which was slowly creeping towards a revival.

The company’s chairman and board of director, Ramalinga Raju resigned and admitted to manipulation of the financial statements of the company over quarters, mainly overstating cash balance and profitability and under stating liabilities.

The Q209 profits of Rs 61 crore were actually overstated as Rs 649 crore, a fictitious cash balance of Rs 5,040 crore, the list of manipulation seems endless. Raju also admitted about the last failed attempt of concealing frauds in the Maytas Infra buy out.

Satyam finally closed at Rs 39.95 down by 139.15 points or 77.69% from its previous closing of Rs 179.10 on the BSE.

The BSE Sensex opened on the higher side at 10,424.96, touched a high of 10,469.72, with a low of 9,510.15. The index finally closed near its day’s low at 9,586.88 down by 749.05 points or 7.25%.There were 5 advances against 25 declines on the index.

The market closed with extremely dismal breadth witnessing merely 16.07% advances against 81.72% declines with total trade of 42.51 crore shares.

All the sectoral indices bore the brunt of Satyam’s revelation. The worst hit being Realty down by 16.95%, Oil & Gas down by 9.35%, Information Technology (IT) down by 9.32%, Bankex down by 8.06% and Technology (TECk) was down by 7.77%.

The top gainers of the Sensex were HUL up by 1.95%, Infosys Technologies up  by 1.67%, Maruti Suzuki up by 0.53%, Wipro up by 0.23% and Grasim Industries marginally up by 0.13%.

The top gainers among the sectors were Infosys Technologies from Technology (TECk) up by 1.67%, Bharat Electronics from Public Sector Unit (PSU) up by 1.45%, Gujarat NRE Coke from Metal up by 7.37%, Sun Pharma from HealthCare (HC) up by 0.02%, Kotak Bank from Bankex up by 0.02% and Maruti Suzuki from Auto was the lone gainer up by 0.53%.

The top losers of the Sensex were Satyam Computer down by 77.69%, Jaipraksh Associates down by 29.15%, RCom down by 17.02%, DLF down by 16.15% and Reliance Infra was down by 13.54%.

The sector specific top losers were HDIL from Realty down by 21.45%, NMDC from PSU down by 13.80%, Lanco Infra down by 25.38%, RNRL from Oil & Gas down by 13.53%, Matrix labs from HC down by 18.41%, Ruchi Soya from FMCG down by 12.27%, Welspun Gujarat from Metal down by 14.15%, Suzlon Energy from Capital Goods (CG) down by 22.95%, Rajesh Export from Consumer Durables (CD) down by 12.74%, IndusInd bank from Bankex down by 12.59% and Amtek Auto from Auto down by 14.18%.

Hindustan Unilever was one of the few that advanced despite the market plunge. The company obtained the approval from its board of directors for spunning off its beauty and wellness business of Ayush Therapy centers and Lakme Salons into a new subsidiary Lakme Lever. HUL closed higher by 1.95 % or 4.80 points to 251.45 on the BSE.

The top turnover gainers of the Sensex were Satyam Computer with trades worth Rs 916.58 crore, Reliance Industries Rs 459.12 crore, Jaiprakash Associates Rs 235.93 crore, ICICI Bank Rs 228.74 crore and SBI with trade worth Rs 178.84 crore.

The broader index S&P CNX Nifty opened at 3,112.80, touched a high of 3,147.20 with touching a low of 2,888.20, before finally managing to close above the 2,900 mark at 2,920.40, down by 192.40 points or 6.18%.The index witnessed 6 advances against 44 declines.

The top gainers of the Nifty were HUL up by 1.72%, Infosys up by 1.63%, Wipro up by 0.80%, Maruti up by 0.67% and Sun Pharma closed higher by 0.17%.

The top losers of the index were Satyam Computer down by 77.51%, Suzlon down by 22.95%, Unitech down by 20.89%, RCom down by 17.07% and DLF closed lower by 16.03%.

The Asian market seemed to be influenced by the Indian market debacle, though some of the indices managed a steady trade in the green surging amid hopes for a US stimulus package to boost the economy while some got deeply impacted by the uneven trade.

Nikkei 225 closed at 9,239.24 up by 158.40 points or 1.74% and Taiwan Weighted moved higher by 62.58 points or1.32% to 4,789.84.

Whereas, Hang Seng closed lower by 522.05 points or 3.37% to 14,987.46 after testing a three-month high in opening trades, Shanghai Composite closed at 1,924.01 down by 13.13 points or 0.68%, and Straits Times was down by 33.08 points or 1.73% to 1,880.58.

The European markets made a bleak opening with majority of the indices trading in red in the early hours of trade. FTSE 100 was trading at 4,577.89  down by 61.03  points or 1.32%, CAC 40  was trading at 3,389.29  down by 6.93  points or 0.20% and DAX 30 was trading lower by 34.57 points or 0.69% to 4,991.74.