4:02 PM - India's premier IT company Satyam admitted to a fraud of Rs 7000 crore sending shock waves in corporate India and plunging the market into a downward spiral. Sensex shut shop at 9586, down 749 points and Nifty at 2920, down 192 points from the previous close. CNX Midcap index was down 7% and BSE Smallcap index was down 6.29%. All indices closed in the negative with BSE Realty index taking a hit of 16% and BSE IT index down 9%. The market breadth was negative 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.

3:56 PM - The market is unlikely to move above 2960-3000 on Nifty in a hurry, says Ashwani Gujral, technical analyst, on CNBC-TV18. It is not advisable to buy now, instead one should use every rally as an opportunity to exit longs, he adds.

3:54 PM - The market will move beyond Satyam post Friday (tomorrow market is closed on account of Moharram) and look at global cues and results, feels Subramanyam Pisupati of Ventura Securities, on NDTV Profit. Satyam is currently trading at Rs 39, down 77% on the BSE.

3:50 PM - Every crisis is an opportunity and now quality stocks are available at good valuations, says DD Sharma, technical analyst, on CNBC Awaaz. SBI, Central Bank of India and IDFC can be accumulated for the long term at current levels as their fundamentals are intact, he adds.

3:43 PM - It was a terrible day for the market that tumbled as India's IT poster boy Satyam came out with a fraud of Rs 7000 crore. Sensex crashed to 9580, down 755 points (provisional) and Nifty at 2918, down 194 points (provisional) from the previous close. CNX Midcap index was down 6.95% and BSE Smallcap index was down 6.24%. The market breadth was negative with advances at 102 against declines of 1136 on the NSE.

3:35 PM - The market was coiling like a spring and the Satyam fraud has acted in making the intermediate top to the market, says Ashwani Gujral, technical analyst, on CNBC TV18. Now Nifty could test 2600-2500, he adds.

3:31 PM - The Satyam fraud is a rude shock to the corporate face of India, says Nirmal Jain of India Infoline, on CNBC TV18. Investors have lost confidence and the faith of shareholders has been broken, he says. SEBI and the regulators must now act swiftly and decisively to bring the criminals to book to send the correct signal to all, he adds.

3:25 PM - Karvy Stock Broking has a buy call on PNB with a target price of Rs 627, reports Zee Business. The stock is currently trading at Rs 489, down 7.6% on the BSE.

3:20 PM - The larger question now is to take 'swift' action by regulatory bodies to safeguard investor interest of Satyam post the fraud, says M Damodaran, former SEBI chairman, on CNBC TV18. ICAI needs to send its experts to examine the details, he says. The need is to put in an interim management in place, he adds.

3:10 PM - The market after a long-trot up was looking for a reason for correction and the Satyam fiasco is 'good' in that sense, says Kunj Bansal of Kotak Securities, on NDTV Profit. In the long-term it may not be good, as investor confidence was returning and is now shaken, he says. But on the positive side, those investors who were left out in the upside can now return, he adds.

3:02 PM - The market is now trading in a range, after digesting the Satyam fraud. Sensex is trading at 9658, down 677 points and Nifty is at 2929, down 183 points from the previous close. CNX Midcap index is down 6.65% and BSE Smallcap index is down 5.83%. The market breadth is negative with advances at 93 against declines of 1138 on the NSE.

2:55 PM - SEBI and the government of India should take tough and swift action against Satyam to send a strong signal to FIIs that such frauds are unacceptable, says NR Narayan Murthy, chairman of Infosys, on NDTV Profit. This is unlikely to affect the IT face of India as all are aware that there are a few bad apples in every space, he feels. But now we can expect further scrutiny from clients and the issue of corporate governance will be the key, he says. We are willing to walk that extra mile and are not worried for further scrutiny as we already have a culture of honesty and transparency, he says.

2:47 PM - There is no confidence left in Satyam and it would not be surprising if one would see Rs 25 today on the stock, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. Nifty has strong support at 2800 and then at 2500-2525, he adds. The lower levels would be a buying opportunity in the market, he says.

2:39 PM - Karvy Stock Broking has a buy call on ACC with a target price of Rs 530, reports Zee Business. The stock is currently trading at Rs 511, down 6.23% on the BSE.

2:31 PM - The Satyam fiasco is an unfortunate trigger that has taken the market down, says Gaurang Shah of Geojit Financials, on CNBC Awaaz. But Nifty is likely to test the October lows, as it has support at 2800 and in a worse case scenario it can go down to 2635, he adds. Satyam is currently trading at Rs 37, down 80% on the BSE.

2:18 PM - CLSA maintains a buy call on Bharati Airtel with a target of Rs 960, reports CNBC Awaaz. The stock is currently trading at Rs 628, down 4.29% on the BSE.

2:08 PM - The market continues to trade weak as the Satyam woes continue. Sensex is trading at 9586, down 749 points and Nifty is at 2912, down 200 points from the previous close. CNX Midcap index is down 7.43% and BSE Smallcap index is down 6.69%. BSE Realty index is down 17% and BSE IT Index is down 10%. The market breadth is negative with advances at 74 against declines of 1152 on the NSE.

1:56 PM - Crnindia.com maintains a buy call on Everest Kanto with a target of Rs 200 and stop loss of Rs 152, reports CNBC Awaaz. The stock is currently trading at Rs 175, down 6.66% on the BSE.

1:45 PM - The government will take co-ordinated action with SEBI after taking into account all information from Sataym, says PC Gupta, Minister of Corporate Affairs, on CNBC TV18. Need to examine role of the directors and auditors of the company, he adds. Satyam is currently trading at Rs 48, down 72.67% on the BSE.

1:33 PM - SMC Global Securities maintains a buy call on PTC with a target of Rs 99 and stop loss of Rs 61, reports CNBC Awaaz. The stock is currently trading at Rs 68, down 5.34% on the BSE.

1:24 PM - The Asian markets are trading mixed. The Sataym fraud of Rs 7000 crore has sent the market down. Sensex is trading at 9771, down 564 points and Nifty is at 2962, down 149 points from the previous close. CNX Midcap index is down 5.53% and BSE Smallcapindex is down 5.18%. The market breadth is negative with advances at 93 against declines of 1103 on the NSE.

1:15 PM - Punj Lloyd has bagged orders worth Rs 264 crore, reports CNBC TV18. The stock is currently trading at Rs 143, down 11.01% on the BSE.

1:03 PM - SMC Global maintains a buy call on Bombay Rayon with a target of Rs 190 and stop loss of Rs 117, reports CNBC Awaaz. The stock is currently trading at Rs 133, down 5.3% on the BSE.

12:54 PM - crnindia.com maintains a buy call on Alok Industries with a target of Rs 25 and stop loss of Rs 18, reports CNBC Awaaz. The stock is currently trading at Rs 17.90, down 7% on the BSE.

12:47 PM - Satyam Computers fraud is unfortunate but it will have only a short-term negative reaction, says Samir Arora of Helios Capital on CNBC TV18. The stock is currently trading at Rs 58.40, down 67% on the BSE.

12:41 PM - Satyam Computers fraud to leave a huge impact on FII/FDI sentiments, says Shankar Sharma of First Global on CNBC-TV18. Stock expected to fall to Rs 30-10, he adds. The stock is trading at Rs 62.40, down 65% on the BSE.

12:33 PM - SEBI is in touch with stock exchanges for co-ordinated action in case of Satyam Computers, says SEBI chief CB Bhave on CNBC-TV 18. The stock is currently trading at Rs 72, down 60% on the BSE.

12:24 PM - Hold on to Satyam Computers for the moment till the stock settles down again, says Ambareesh Baliga of Karvy Stock Broking on CNBC Awaaz, The stock is currently trading at Rs 76, down 57% on the BSE.

12:15 PM - Hem Securities maintains a sell call on DLF with a target of Rs 253 and stop loss of Rs 285, reports CNBC Awaaz. The stock is currently trading at Rs 245.90, down 12.1% on the BSE.

12:08 PM - The market at noon has seen a downfall of 4.5% because of the ongoing Satyam crisis. Sensex is trading at 9837, down 498 points, and Nifty trading at 2967, down 145 points, from the previous close. CNX Midcap is down 4.6% and BSE Midcap is down 4%.

12:01 PM - Hem Securities maintains a sell call on Jet Airways with a target of Rs 175 and stop loss of Rs 205, reports CNBC Awaaz. The stock is currently trading at Rs 188, down 4.4% on the BSE.

11:52 AM - Satyam Computers may slip to Rs 100-80 in a day or two, says Gaurang Shah of Geojit Financials, on Zee Business. The stock is currently trading at Rs 95.95, down 47% on the BSE.

11:45 AM - Hem Securities maintains a sell call on Sun TV with a target of Rs 170 and stop loss of Rs 187, reports CNBC Awaaz. The stock is currently trading at Rs 176.60, down 3.2% on the BSE.

11:38 AM - Satyam Computer's Chairman Ramalinga Raju has resigned from the Board, reports CNBC Awaaz. The effect of this news is seen on the stock, which is currently trading at Rs 151, down 15.7% on the BSE.

11:31 AM - Hold on to RPL which has resistance at Rs 94-95 and then can go up to Rs 125-130, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 90.60, down 0.5% on the BSE.

11:24 AM - One can hold on to MTNL which might show some resistance at Rs 85 and then break out to reach Rs 100, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 80.70, down 0.2% on the BSE.

11:17 AM - The market is quiet an hour after opening with Nifty going into the red at 5.3 points trading at 3108, and Sensex up 12 points trading at 10347, from the previous close. CNX Midcap is up 0.2% and BSE Midcap is up 0.4%.

11:12 AM - Kotak maintains a buy call on Union Bank with a target of Rs 230, reports CNBC Awaaz. The stock is expected to give a return of 42%, it adds. The stock is currently trading at Rs 155.90, down 3.8% on the BSE.

10:53 AM - One can buy SBI which will show strong support at Rs 1205, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 1290, down 2.6% on the BSE.

10:53 AM - One can buy Sun Pharma with a strict stop loss of Rs 970, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 1060, up 1.8% on the BSE.

10:45 AM - One can expect a fall in the IT sector in FY10, says JP Morgan on Zee Business. The fall may be from 8-14%, it adds.

10:39 AM - One can buy GSK Pharma which has support at Rs 1100-1120, says Anil Singhvi, market expert on CNBC Awaaz. The stock is currently trading at Rs 1149.95, up 0.4% on the BSE.

10:33 AM - One may do profit booking at rally for PNB and SBI, says Rajat Bose, technical analyst, on CNBC Awaaz.

10:28 AM - Nifty will see support at 3050-2980 and resistance at 3168-3187, says Anil Maghnani, technical analyst, on CNBC-TV18. One can do profit booking, he adds.

10:22 AM - One can buy Renuka Sugar with a target of Rs 94 and stop loss of Rs 70, says Ashwani Gujral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 77.65, up 1.1% on the BSE.

10:15 AM - Nifty will see a target of 3200 and day traders should maintain a stop loss of 3080, says Rahul Mohindar, technical analyst, on CNBC Awaaz.

10:09 AM - The market has opened up with Sensex trading 111 points higher at 10447 and Nifty 24 points higher at 3133, from the previous close. CNX Midcap is down 0.6% and BSE Midcap is up 0.95%. The market breadth is positive with advances of 434 versus a decline of 63.

10:02 AM - Hold on to Hindustan Zinc for now but look at exiting the stock at its resistance level of Rs 445, says Hormuz Maloo, technical analyst with Geojit Financial Services, on CNBC Awaaz. The stock is currently trading at Rs 421.20, up 9.3% on the BSE.

9:55 AM - One can buy Tata Power with a target of Rs 825-830 but maintain a strict stop loss, says Anil Singhvi, market expert on CNBC Awaaz. The stock is at Rs 804.70, down 3% on the BSE.

9:47 AM - Hold on to Bartronics India which has support at Rs 88, says Hormuz Maloo, technical analyst with Geojit Financial Services, on CNBC Awaaz. The stock is currently trading at Rs 96.70, up 10.9% on the BSE.

9:40 AM - In 2009, one can invest in large stocks at levels of 9000-10000 and expect long-term return of 40-50% in 2009, says Anand Rathi of Anand Rathi Securities on CNBC Awaaz. Sectors to invest in are banking, infrastructure, FMCG, he adds.

9:33 AM - Nifty will see support at 3056 and resistance at 3150, says Ashwani Gujral, technical analyst, on CNBC-TV18. It might go up to 3240 and one can buy at 3100, he adds.