Sensex, Nifty drop 1%; Axis Bank shares tank by 7% post Q3

Sensex closed at 27,034.50, down 274.10 points or 1%, while, Nifty ended at 8,349.35, down 85.75 points or 1.02%. 

Shares of State Bank of Bikaner & Jaipur dipped over 3% after the bank reported 72% drop in net profit for the quarter ended on December 31. The bank posted a net profit of Rs 57.8 crore as against Rs 206.13 crore during the same period last year. 

At 1449 hours the shares of the bank were trading at Rs 671.85 per piece, down 3.57% or Rs 24.90 on BSE. 

Shares of Canara Bank dropped nearly 4% despite 278% rise in net profit for the quarter ended on December 31. The bank reported a net profit of Rs 321.8 crore as against Rs 84.97 crore during December 31, 2015 quarter.

The bank's gross non-performing assets (GNPA) rose to 9.97% in Q3FY17 as against 5.84% in Q3FY16. 

At 1438 hours the shares of the bank were trading at Rs 276.25 per piece, down 3.73% or Rs 11.35 on BSE. 

Adani Power reported consolidated net loss of Rs 323.61 crore for the third quarter ended December 31,2016 as against net profit of Rs 109.49 crore for the corresponding period of the previous year.

Net loss has widened from Rs 113.40 crore in the preceding quarter. At 1400 hours the shares of the company were trading at Rs 34.15 per piece, down 11.87% or Rs 4.60 on BSE. 

At 1309 hours Sensex was trading at 27,094.14, down 210.59 points or 0.77%, while, Nifty was trading at 8,375.25, down 59.85 points or 0.71%. 

Following UltraTech Cement, Shree Cement and Ambuja Cement, now ACC Ltd said that they will file an appeal to defend their position before the Competition Appellate Tribunal (COMPAT) after CCI imposed penalty on cement companies.

At 1242 hours the shares of the company were trading at Rs 1357.50 per piece, down 0.30% or Rs 4.10 on BSE. 

Shares of UltraTech Cement rose after the company in a regulatory filing said that they will take 'appropriate' action against the Competition Commision of India for imposing penalty of Rs 68.3 crore on the company. 

At 1220 hours the shares of the company were trading at Rs 3,516.70 per piece, up 1.78% or Rs 61.60 on BSE. 

Shares of Ruchi Soya Industries surged 15% after a report by The Economic Times which said that Baba Ramdev's Patanjali likely to start branding and marketing the edible oil produced by Ruchi Soya. 

The exchange has sought clarification from Ruchi Soya. 

At 1146 hours the shares of the company were trading at Rs 27.65 per piece, up 14.97% or Rs 3.60 on BSE. 

Shares of Future Consumer climbed over 3% after the company on Friday entered into a Joint Venture Agreement with Tilda Hain India Private Limited ("Hain India"), a part of Hain Celestial Group, Inc., New York, USA, for undertaking the business of manufacturing, marketing, trading, selling and distributing various food products in the health and wellness category such as chips, non-dairy beverages, straws and infant / toddler foods, by way of forming a Joint Venture Company. 

At 1113 hours the shares of the company were trading at Rs 22.50 per piece, up 3.21% or Rs 0.70 on BSE. 

The Bengaluru-based firm, Mindtree's net profit for the December quarter tumbled 26.7% to Rs 103.1 crore, impacted by currency movement, seasonality of business and lower profitability from its Bluefin and Magnet 360 business.

Following the poor results, at 1057 hours the shares of the company were trading at Rs 474.95 per piece, down 2.04% or Rs 9.90 on BSE. 

Shares of Idea Cellular jumped by 3% after the telecom company announced the postponement of its Board meeting, which was scheduled on January 23, 2017. During the meet, the company was set to announce its financial result for the quarter ended on December 31. 

At 1055 hours the shares of the company were trading Rs 71.50 per piece, up 3.10% or Rs 2.15 on BSE.  

Sensex slipped over 100 points during the morning trade. At 1029 hours Sensex was trading at 27,194.83, down 113.77 points or 0.42%. While, Nifty hovered around 8,400-mark. Nifty was trading at 8,404.50, down 30.60 points or 0.36%.

Shares of Shree Cement surged over 2% despite receiving penalty from Competition Commission of India (CCI). On Thursday CCI had slapped penaly of Rs 206 crore on seven cement companies. 

At 1028 hours the shares of the company were trading at Rs 15951 per piece, up 2.40% or Rs 374.20 on BSE. 

Sector-wise Banking shares (-158.9 points) and IT shares (-56.50 points) were top losers. 

Under banking shares, Axis Bank (-5.57%), ICICI Bank (-1.26%), Kotak Mahindra Bank (-0.38%), Punjab National Naml (-0.23%) and Bank of Baroda (-0.47%) were trading low. 

Ahead of the US President-elect Donald Trump's inaugration, the IT shares are under pressure. Mindtree (-2.37%), Cyient (-1.76%), Tata Elxsi (-1.41%), Infosys (-0.83%), Tech Mahindra (-1%) were trading in red. 

Shares of Motherson Sumi Systems climbed after the company on Friday announced the launch of a voluntary recommended public tender offer for acquisition of the entire outstanding share capital and voting rights of PKC Group Plc.

At 1012 hours the shares of the company were trading at Rs 336.40 per piece, up 3.25% or Rs 10.60 on BSE.