The local market opened on a lower side on Monday, tracking weakness in the global indices.

Satyam Computer Services Ltd is likely to lose as much as half its customers, some of them to its rivals such as Tata Consultancy Services Ltd (TCS), Infosys Technologies Ltd and Wipro Ltd, after an eye-opener by its chairman that the firm inflated revenue and profits for several years.

Markets have dipped sharply from the top in the mid-afternoon trades as key indices saw stiff resistance at higher levels.

Bulls continue to rule in the afternoon trades as all round buying in stocks across the sectors lifts the key indices higher.

Markets are still in the negetive zone as selling pressure grew. Signals from the Asian markets are also not that promising, the Nikkei index and the Hang Seng are flat.

Infosys’ shares have gone up by 1.6% to Rs1120 after the company said that it achieved a multi-year, multi-million dollar outsourcing contract from AstraZeneca that covers a wide range of application maintenance services.

Infosys BPO, Infosys Technologies outsourcing arm has established its second global delivery centre in Hangzhou, China, on seeing the speedy growth potential in the country.