Sensex and Nifty are trading sharply lower on strong negative global cues. Satyam is down 27% and all IT stocks are in red after Nortel Networks files for bankruptcy.

Both Sensex and Nifty opened sharply lower on Thursday due to week global cues. Even news about a drop in inflation data didnt help the markets.

Satyam crashed 26 percent in the morning trade as the future of the company is still not clear even though Govt is searching for a new CEO and CFO for Satyam.

The bankruptcy filing of Nortel Network has reflected in many IT majors trading today as Infosys down 5.7%, TCS down 5.66% and Wipro down 6.66%.

Nortel Networks, a Toronto, Canada based Telecom giant, yesterday filed for protection from creditors in the United States, Canada, and the United Kingdom, in order to restructure its debt and financial obligations.

Many top Indian IT firms including TCS, Infosys and Wipro are vendors to Nortel.