Shares of Satyam Computer Services witnessed high volumes during the early trading hours and clocked a volume of 157.51 lakh shares on the National Stock Exchange (NSE) and 73.41 lakh shares on the Bombay Stock Exchange (BSE). The scrip of the fourth largest software company in the country moved up 2.46 per cent to close at Rs 216.75 on BSE.
Dealers say one reason for the early high volumes could be that the NSE remains closed for 40 minutes from 11:25 to 12:05 due to sun outage from September 24. The trading on both BSE and NSE has been extended by 40 minutes till 16:10 IST as a result.
Satyam shares were on a downward course. After recovering from the early August low, the scrip has lost a major part of those gains. The scrip from a recent high of Rs 243.05 on September 5 shed 11 per cent to today's closing. Earlier, the scrip rose 25 per cent from a low of Rs 194.20 on August 5 to Rs 243.05 on September 5.
As per market talks, the recent fall on the counter was due to foreign institutional investor (FII), largely Government of Singapore, selling.
The fund is also said to have pressed heavy sales in stocks such as Infosys Technologies and Zee Telefilms in the last few trading sessions. The fund is said to have taken a negative view on the markets due to disappointment from divestment.
Meanwhile, the US markets continue to remain weak. On Tuesday, US stocks continued their way downhill. The Dow Jones industrial average fell 189.02 points to 7,683.13. The Nasdaq composite fell 2.76 points or 0.23 per cent to 1,182.17, hitting a fresh six-year low. The Standard & Poor's 500 index dropped 14.41 points or 1.73 per cent to end the day at 819.29.
A flush of global developments and largely that of crude prices concern have hurt sentiment in the US. In addition, the US Federal Reserve held interest rates at their current levels. But that move had nothing to do with stocks moving either way.
