Mumbai: Reacting negatively to announcements by Satyam Computers and HCL Technologies of disappointing Q3 results, the SENSEX opened weak and dipped further at early stages on the Bombay Stock Exchange (BSE) on January 23.

Satyam Computers has posted a net profit of Rs 116.7 crore for the third quarter, far lower than the company's projections of Rs 125-130 crore.

However, the BSE barometer recovered immediately after dipping to a low of Rs 3,346.25, following a rally in select old-economy stocks like RIL, Tisco, Telco, L&T, GACL and HLL.

The benchmark was quoted at 3,350.07 at 10:30 hours (IST) as against the January 22 close of 3,357.04.

Brokers said IT sector witnessed widespread selling due to lower-than-expected third quarter results by IT majors Satyam Computers and HCL Technologies.

Foreign institutional investors (FIIs), which have been net buyers since January 8, have made net purchases of Rs 60 crore in first two sessions.

Meanwhile, the Dow Jones Industrial Average and the NASDAQ Composite Index dipped further by 124.17 points and 4.77 points on January 22 night respectively.

PTI