Bad day for Satyam, Unitech, JP Asso, GMR Infra

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See what other CNBC-TV18 anchors have to say Nifty BSE | NSE 25/05/12 Are Mutual Funds betting on Nifty?

Here is a verbatim transcript of Udayan Mukherjee's comments on CNBC-TV18. Also watch the accompanying video.

It was not a great session but it could have been worse. The way it was going at 2:00-2:30 pm, it did appear for a moment that it would be a closing below 2,700 but the blushes have been spared at least for the day. Globally too markets are okay, drifting - Europe has not added to its losses, in fact has recovered from the lows of the day but Europe can be a volatile beast as one saw yesterday. Even the Dow Futures which was trading about 100-points down is now cut to about 40 points. So some hope may be after six straight sessions of losses, the Dow at least tries to put in a little bit of an effort out there.

That perhaps is the reason why there has been a little bit of short covering towards the end that has taken the Nifty back to about 2740 kind of levels. The Sensex is going to close about 300-points lower at 9,060. But the averages will drag it down may be closer to that 9,000 mark and the Nifty probably closer to that 2,725 kind of levels on a final closing basis.

It has been a bad day but particularly bad for stocks like Satyam, Unitech, JP Associates and GMR - those have got brutalized. But for the overall market it has been just about an okay kind of day. There is a 3% cut on both the Sensex and the Nifty - that's pretty much inline with the average across global markets today in Asia because all markets were down. Today was a global fall. The breadth also was quite negative - 270 advances to about 890 declines.